1772

LAWS OF MARYLAND

[Ch. 311

(A)   WHEN OATH REQUIRED.

ON DEMAND OF A STOCKHOLDER, A PERSON MAY NOT VOTE
ANY SHARE OF STOCK WHICH APPEARS ON THE STOCK LEDGER OF
THE STATE BANK TO HAVE BEEN TRANSFERRED WITHIN THE
PRECEDING YEAR UNLESS THE PERSON MAKES OATH AS PROVIDED
IN SUBSECTION (B) IN THIS SECTION.

(B)   SUBSTANCE OF OATH.

THE CHALLENGED VOTER SHALL MAKE OATH, BEFORE THE
JUDGES OF ELECTION OR OTHER OFFICERS OF THE MEETING:

(1) THAT HE IS THE LAWFUL AND BONA FIDE OWNER
OF THE STOCK AND THAT, WITHOUT ANY UNDERSTANDING THAT THE
STOCK BE TRANSFERRED TO THE PARTY FROM WHOM IT WAS
RECEIVED, HE:

(1)   PURCHASED AND PAID OR SECURED PAYMENT FOR
IT WITH FULL CONSIDERATION; OR

(II) RECEIVED IT BY INHERITANCE, BEQUEST,
SURVIVORSHIP, DISTRIBUTION, OR GIFT; OR

(2)   IF THE CHALLENGED VOTER IS VOTING BY
PROXY OR POWER OF ATTORNEY:

(I)    THAT HE BELIEVES HIS PRINCIPAL PURCHASED
AND PAID OR SECURED PAYMENT FOR IT WITH FULL
CONSIDERATION; OR

(II)    THAT, TO THE BEST OF HIS KNOWLEDGE AND
BELIEF, HIS PRINCIPAL IS THE BONA FIDE OWNER OF THE
STOCK, HAVING RECEIVED IT BY INHERITANCE, BEQUEST,
SURVIVORSHIP, DISTRIBUTION, OR GIFT.

(C)   PLEDGOR MAY VOTE STOCK.

THE PROVISIONS OF THIS SECTION DO NOT PREVENT A
STOCKHOLDER FROM VOTING ANY SHARE OF HIS STOCK WHICH IS
PLEDGED IN GOOD FAITH FOR A LOAN BUT WHICH HAS NOT BEEN
SOLD.

REVISOR'S NOTE: This section is new language derived
without substantive change from Art. 11, §
106, as it relates to State banks.

In subsection (a) of this section, the term
"stock ledger" is used to conform with § 6—122
of this subtitle.

In subsection (b) of this section, the present
reference to receipt of stock by "marriage" is
deleted as obsolete. The term "survivorship"