ALBERT C. RITCHIE, GOVERNOR. 1513
CHAPTER 671.

AN ACT to add a new section to Article 23 of the Annotated
Code of Maryland, title "Corporations," sub-title "Uniform
Stock Transfer," and to be known as Section 73 1/2, relating
to the transfer of shares of capital stock, rights to subscribe
to capital stock, arid/or registered obligations for the pay-
merit of money issued by any corporation of this State.

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That a new section be and the same is hereby added to
Article 23 of the Annotated Code of Maryland, title "Corpora-
tions/' sub-title Uniform Stock Transfer," said new section
to be known as Section 73 1/2, and to follow immediately after
Section 73 of the said Article, and to read as follows:

731/2. Assignments or powers of attorney executed by trustees,
executors, administrators, guardians, life tenants, joint tenants,
tenants by the entireties, tenants in common, minors and per-
sons incompetent to contract, directing the transfer of shares
of capital stock, rights to subscribe to capital stock, and/or
registered obligations for the payment of money issued by any
corporation of this State, when accompanied by the certificate
or obligation, shall be sufficient authority to the corporation for
making such transfers, and protect it against liability of any
kind in the following cases:

1. If a duly certified copy of an order of any Court of Record
(including therein Orphans' and Probate Courts) directing or
authorizing the transfer of such shares, subscription rights,
and/or obligations, is delivered to such corporation.

2. If such shares, subscription rights and/or obligations
are registered in the name of one or more persons, firms or cor-
porations as trustee or trustees, without any reference to or
description of the trust, unless the corporation has actual know-
ledge that there is a breach of fiduciary obligation on the part
of the trustee or trustees in making the transfer, or has actual
knowledge of such facts that its action in registering the trans-
fer amounts to bad faith.

3. If such shares, subscription rights and/or obligations
are registered in the name or names of a life tenant, life tenants,
joint tenants, tenants by the entireties, or in common, without
reference to any instrument creating the tenancy, and the pro-
posed transfer is authorized by language on the face of the stock
certificate, subscription right and/or obligation.