1216 LAWS OF MARYLAND. [CH. 596

clubs, or mutual insurance companies, whose policy-holders, for
the time being, are the members thereof and corporations having
no capital stock may provide by their by-laws what shall con-
stitute a quorum. Except in cases in which it is by this article
provided that the vote of a certain number of shares or of a
certain number of members is requisite, the vote of a majority
of any quorum shall be sufficient to elect and to pass any meas-
ure within the^powers of a majority of the holders of all the
shares or of a majority of all the members.

18. No corporation shall directly or indirectly vote any
shares of its own stock except such as it holds, and is by its
charter authorized to hold as trustee, committee, guardian, ex-
ecutor, administrator, or in some other fiduciary capacity. Cor-
porations holding shares in other corporations may vote the
same by such officer, agent or proxy as the board of directors
may appoint or by such officer as the by-laws may provide.

19. Each stockholder of every corporation of this State hav-
ing capital stock, subject to the provisions of this Article, shall
be entitled to one vote for every share of voting stock standing
in his name; but no shares, original or increased, shall be voted
by any holder if any installment duly called thereon shall be
overdue and unpaid. Stockholders or members may vote either
in person or by proxy, but no proxy which is dated more than
three months before the meeting at which it is offered shall be
accepted, unless such proxy shall, on its face, name a longer
period for which it is to remain in force.

23. Notice of the time, place and/or purpose of any meet-
ing of members, stockholders or directors, whether required by
the by-laws or by any provision of this Article, or otherwise,
may be dispensed with if every member or stockholder shall
either attend in person or by proxy, or if every director shall
attend in person, or if every absent member, stockholder or
director shall, in writing filed with the records of the meeting,
either before or after the holding thereof, waive such notice.

24. Every corporation of this State now existing or here-
after formed may, from time to time and in the manner herein-
after provided, amend its charter and thereby accomplish any
one or more of the following objects: The addition to or
diminution of the corporate powers and purposes, or the sub-
stitution of other powers and purposes in whole or in part for
those named in the charter the increasing of the authorized
capital stock by increasing the number of shares thereof and the
classification, if desired, of such increase; the decreasing of the