1228 LAWS OF MARYLAND. [CH. 596

hundred dollars or more than five thousand dollars or be im-
prisoned for not less than one month or more than two years,
or both fined and imprisoned, in the discretion of the Court.
Provided, however, that the valuation placed by the board of
directors upon services or property, as provided in Section 35
of this Article, and the judgment of the board of directors as to
the propriety of the corporation's accepting the same and issu-
ing the agreed number of shares therefor, shall in the absence
of actual fraud be conclusive against and binding upon any
and all creditors of the corporation.

SEC. 11. And be it further enacted, That Section 37 of Arti-
cle 23 of the Annotated Code of Maryland be and the same is
hereby repealed.

SEC. 12. And be it further enacted, That Sections 61, 66,
72, 73, 74, and 76 of Article 23 of the Annotated Code of Mary-
land be and the same are hereby repealed and re-enacted with
amendments so as to read respectively as follows:

61. Unless otherwise payable by the subscription contract,
the board of directors of any corporation, having capital
stock, may call in and demand from the stockholders the
amounts due on their subscriptions at such times and in such
payments and installments as the said board of 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 him, or at his resi-
dence or usual place of business, or by mailing it, postage pre-
paid, and addressed to him at his address as it appears upon
the books of the corporation; provided, however, that any stock-
holder may by an instrument in writing waive such notice.

66. Every stockholder of every corporation of this State shall
be liable for the benefit of the creditors of said corporation for
the amount of his subscription to the stock of said corporation,
less the amount which he shall already have paid thereon, until
he shall have paid said subscription, according to the terms
thereof, in good faith; and in the event of the insolvency of the
corporation, such liability shall be considered as an asset of the
corporation and may be enforced by the receiver, trustee or other
person winding up the affairs of the corporation, notwithstand-
ing any release, agreement or arrangement short of actual pay-
ment which may have been made between the corporation and
said stockholder. Nothing in this Section shall be taken or con-