Albert 0. Ritchie, Governor.                1195

CHAPTER 480.
AN ACT to alter and amend the corporation laws.

SECTION 1. Be it enacted by the General Assembly of
Maryland, That Sections 22, 26, 30, 31, 32, 50 and 87 of Ar-
ticle 23 of the Annotated Code (Edition of 1924) be and the
same are hereby repealed and re: enacted with amendments so
as to read respectively as follows:

22. (1) 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,
executor, administrator, or in some other fiduciary capacity.

(2) A corporation holding shares in another corporation
may vote the same by its president or a vice-president or by
proxy or proxies appointed by its president or one of its vice-
presidents unless, by a by-law or by resolution of its board of
directors, some other person or persons shall have been ap-
pointed to vote such shares, in which case such person or per-
sons shall be entitled to vote such shares upon the production of
a certified copy of such by-law or resolution.

26, (1) Unless the instrument or order appointing such
fiduciaries otherwise directs: (a) shares standing in the name
of fiduciaries may be- voted by them either in person or by
proxy, and fiduciaries may, upon proof of title and qualifica-
tion, vote either in person or by proxy the shares standing in
the name of any person for whom they are authorized to act;
(b) where shares are held jointly by three or more fiduciaries
the will of the majority of such fiduciaries shall control the
manner of voting or the giving of a proxy; (c) where, in any
case, the fiduciaries are equally divided upon the manner of
voting the shares jointly held by them, any court of competent
jurisdiction, upon petition filed by any of such fiduciaries or
by any party in interest, may appoint another person to act
with such fiduciaries in determining the manner in which such
shares shall be voted upon the particular questions as to which
such fiduciaries are divided, or may direct the voting of such
shares as it may deem for the best interest of the beneficiaries.
Nothing in sub-paragraphs (b) and (c) of this paragraph (1)
shall apply to fiduciaries appointed by instrument or order
dated prior to June 1, 1931.