68 LAWS OF MARYLAND.

(b) To hold liable for calls and assessments a person reg-
istered on its books as the owner of shares.

SEC. 37D. The title of a transferee of a certificate under a
power of attorney or assignment not written upon the certifi-
cate, and the title of any person claiming under such trans-
feree, shall cease and determine if, at any time prior to the
surrender of the certificate to the corporation issaing it, an-
other person for value in good faith, and without notice of the
prior transfer, shall purchase and obtain delivery of such cer-
tificate, with the indorsement of the person appearing by the
certificate to be the owner thereof, or shall purchase and ob-
tain delivery of such certificate and the written assignment or
power of attorney of such person, though contained in a sepa-
rate document.

SEC. 37E. The delivery of a certificate to transfer title, in
accordance with the provisions of Section 37A, is effectual, ex-
cept as provided in Section 37c_; though made by one having no
right of possession and having no authority from the owner of
the certificate or from the person purporting to transfer the
title.

SEC. 37F. The indorsement of a certificate by the person ap-
pearing by the certificate to be the owner of the shares repre-
sented thereby is effectual, except as provided in Section 37c,
though the indorser or transferor

(a) Was induced by fraud, duress or mistake to make the
indorsement or delivery; or

(b) Has revoked the delivery of the certificate, or the au-
thority given by the indorsement, or delivery of the certificate;
or

(c) Has died or become legally incapacitated after the in-
dorsement, whether before or after the delivery of the certifi-
cate; or

(d) Has received no consideration.

SEC. 37c. If the indorsement or delivery of a certificate

(a) Was procured by fraud or duress; or

(b) Was made under such mistake as to make the indorse-
ment or delivery inequitable; or

If the delivery of a certificate was made
(c) Without authority from the owner; or
(d) After the owner's death or legal incapacity, the posses-
sion of the certificate may be reclaimed and the transfer thereof
rescinded; unless

(1) The certificate has been transferred to a purchaser for
value in good faith without notice of any facts making the
transfer wrongful; or