638
LAWS OF MARYLAND.
Shares transferable.
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ART. 16. That the shares
of capital stock of the
corporation shall be transferable on the books of the
corporation only, according to such rules as shall be
established by the president and directors, but all debts
actually due and payable to the corporation by a stockholder
requesting a transfer, must be satisfied before
such a transfer shall be made, unless the president
and directors shall direct to the contrary.
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Loans.
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ART. 17. No loan shall be
made by the said corporation
for the use or on account of this State, or the
United States, to an amount exceeding fifty thousand
dollars, or to any other State of this Union, or to any
foreign Prince or State, to any amount whatever, without
the previous consent of the Legislature; and the
capital stock and funds of the corporation, shall be
deemed and taken to be personal and not real estate.
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Notice of annual
election.
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ART. 18. The president and
directors for the time
being shall give three weeks public notice in at least
two daily newspapers published in the city of Baltimore,
of the time and place of holding the annual
election of directors if the corporation be located in
the city of Baltimore, or in at least two newspapers
published in the county, if there be two newspapers
published in the county, where the corporation may
be located, if not located in said city.
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Bona fide
owners of
stock only entitled
to vote.
Proviso.
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ART. 19. That at all meetings
of the stockholders
of the corporations created by this act, for elections and
other purposes, no person shall be allowed to vote on
any share or shares of stock at such meeting either in
person or by proxy, unless the said person shall if required
by a stockholder, make oath before the judges
of the election or other officers of the meeting, that he
or she, as the case may be, is the lawful and bona fide
owner of said stock, having purchased and paid or secured
payment for the same, a full consideration, or
received the same by inheritance, bequest, marriage,
distribution or gift, and without any understanding that
the said stock is to be transferred to the party from whom
it was received, or in case of voting by proxy or power
of attorney, the person holding such proxy or power
of attorney, shall make oath or affirmation, if required
by a stockholder that he believes his principal for whom
he offers to vote, bought and paid, or secured the payment
for the said stock a full consideration, or that the
said principal to the best of his knowledge and belief,
is the real bona fide owner of said stock, having acquired
the same, as the case may be, by inheritance,
bequest, marriage, distribution or gift; Provided, however,
that this provision shall only apply to such shares
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