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LAWS OF MARYLAND.

Transfers of
stock.

Article 16. That the shares of the 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 transfer shall
be made, unless the Preeiclent and Directors shall
direct to the contrary.

Loans re-
stricted.

Article 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

Stock and
funds personal
estate.

amount whatever, without the previous consent of
the Legislature ; and the capital stock and funds
shall be deemed and taken to be personal and not
real estate.

Notice of an-
nual election.

Article 18. The President and Directors, for the
time being, shall give two weeks notice in at least
two daily newspapers published in the city of Bal-
timore, of the time and place of holding the an-
nual election for Directors.

Proxy — re-
quirement of
voter.

Article 19. That at all meetings of the stock-
holders 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 stock-
holder, make oath, before the judges of 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 or paid or secured
payment for the same a full consideration, or re-
ceived 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, shall make oath, 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

Proviso.

same, as the case may be, by inheritance, bequest,
marriage, distribution or gift ; provided, however,
that this provision shall only apply to such shares