40 LAWS OF MARYLAND.

due on their subscriptions at. such times and in such payments
and instalments as the said directors shall deem proper; but
at least thirty days' written or printed notice of the amount,
time and place of payment of such calls shall be given to each
stockholder; such notice shall be delivered to each stockholder
by leaving the same with Mm, or at his residence or usual
place of business, or by mailing it, postage prepaid, and
addressed to him at his address as it appears upon the books
of the corporation.

SEC. 39. When any stockholder fails to pay any instalment or
call upon his stock which may have been properly assessed
thereon by the directors, at the time when such payment is
due, the directors may collect the amount of such instalments
or call or any balance thereof remaining unpaid,. from the
said stockholder by an action at law, or they shall sell at
public sale such part of the shares of such delinquent stock-
holder as will pay all assessments then due from him with
interest and all incidental expenses, and shall transfer the
shares so sold to the purchaser, who shall be entitled to a
certificate therefor. Notice of the time and place of such sale
and of the sum due on each share shall be given by advertise-
ment for three weeks successively; once in each week before
the sale, in a newspaper of the county or city where the princi-
pal office of said corporation is located in this State, and such
notice shall be mailed by the treasurer of the corporation to
such delinquent stockholder at his last known postoffice
address at least twenty days before such sale. If no bidder
can be had to pay the amount due on the stock, and if the
amount is not collected by an action at law, brought within
the county or city where the principal office of said corpora-
tion is located within six months from the date of the bringing
of such action at law, the said stock shall be forfeited to the
corporation and the amount previously paid in by the delin-
quent on the stock shall be forfeited to the corporation.

Liability of Stockholders.

SEC. 40. Except in the case of banking corporations, for
which provision is made by Section 39 of Article 3 of the Con-
stitution, and except as provided in the next succeeding sec-
tion, and in the case of those classes of corporations for which
special provision is hereinafter made in this article, no stock-
holder in any corporation of this State shall be liable for the
debts thereof; and in no case shall any person holding stock
in any corporation of this State, which shall be entered on
the books thereof in his name as executor, administrator, guar-
dian, committee, trustee, receiver or pledgee, be individually