CORPORATIONS. 67

CHAPTER 73.

AN ACT to add certain sections to Article 23 of the Code of
Public General Laws, title "Corporations," subtitle "Capital
Stock," as amended by Chapter 240 of the Acts of the Gen-
eral Assembly of Maryland of 1908, said sections to follow
immediately after Section 37 of said Chapter 240, and to be
designated as Sections 37A to 37x, both inclusive, providing
for the transfer of shares of stock in corporations.

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That certain new sections be and the same are hereby
added to Article 23 of the Code of Public General Laws, title
"Corporations," subtitle "Capital Stock," said new sections to
follow immediately after Section 37 of the Acts of 1908, Chap-
ter 240, and to be designated as Sections 37A to 37x, both
inclusive, and to read as follows:

SEC. 37A. That title to a certificate and to the shares repre-
sented thereby can be transferred only—

(a) By delivery of the certificate, indorsed either in blank
or to a specified person, by the person appearing by the certifi-
cate to be the owner of the shares represented thereby; or

(b) By delivery of the certificate and a separate document
containing a written assignment of the certificate or a power of
attorney to sell, assign or transfer the same or the shares repre-
sented thereby, signed by the person appearing by the certifi-
cate to be the owner of the shares represented thereby. Such
assignment or power of attorney may be either in blank or to
a specified person.

The provisions of this section shall be applicable, although
the charter or articles of incorporation, or code of regulations,
or by-laws of the corporation issuing the certificate and the
certificate itself, provide that the shares represented thereby
shall be transferable only on the books of the corporation, or
shall be registered by a registrar, or transferred by a transfer
agent.

SEC. 37B. Nothing in this Act shall be construed as enlarg-
ing the powers of an infant or other person lacking full legal
capacity, or of a trustee, executor or administrator, or other
fiduciary, to make a valid indorsement, assignment or power
of attorney.

SEC. 37C. Nothing in this Act shall be construed as forbid-
ding a corporation

(a) To recognize the exclusive right of a person registered
on its books as the owner of shares to receive dividends and to
vote as such owner, or