804

LAWS OF MARYLAND.

Chapter 510.

AN ACT to amend article twenty-six of the Code
of Public General Laws of this state relating
to corporations, and section forty-five of said
article relating to the election of trustees,
managers or directors as re-enacted by the
acts of January session, eighteen hundred and
sixty-eight, chapter four hundred and seventy-
one, and section fifty-three of said last-named
act ; also, relating to the election of trustees,
managers or directors, by repealing said sec-
tion fifty-three of the said act of eighteen
hundred and sixty-eight, chapter four hundred
and seventy -one, and re-enacting the same
with amendments.

Repealed and
re-enacted.

SECTION 1. Be it enacted by the General Assem-
bly of Maryland, That section forty-five of article
twenty-six of the Code of Public General Laws
of this state relating to corporations, as re-
enacted by the act of January session, eighteen
hundred and sixty-eight, chapter four hundred
and seventy-one, section fifty-three, be and the
same is hereby repealed and re-enacted so as to
read as follows :
SECTION 53. Be it enacted by the General Assem-

Shall be by
ballot.

bly of Maryland, That in all corporations here-
tofore formed or hereafter to be formed under
this act, or under the General Laws of this state,
or under any special law, having a capital stock,
and in which there are stockholders, all elections
shall be by ballot, and each stockholder shall
be entitled to as many votes as he owns shares
of stock in said corporation, and the persons re-
ceiving the greatest number of votes shall be
trustees, managers or directors ; but no share of
stock shall be voted by any stockholder unless
all instalments have been paid thereon which
may have been called for on any part of the
stock of said corporation. And in the case of
all other corporations the mode of electing trus-
tees, managers or directors shall be regulated by
the charter or by-laws of said corporations; pro-
vided, however, that nothing herein contained