sible equally and ratably and not one for another, for all contracts, debts and engagements of every such corporation to the extent of the amount of their stock therein at the par value thereof, in addition to the amount invested in such stock. Persons having stock entered on the books of the corporation in their names as executor, administrator, guardian, trustee or pledgee shall not be personally subject to any liability on such stockholders, but the person pledging the stock and the estate and funds in the hands of such executor, administrator, guardian or trustee shall be subject to the liability imposed upon the holders of said shares. And the liability of such stockholders shall be an asset of the corporation for the benefit ratably of all the depositors and creditors of any such corporation, if necessary, to pay the debts of such corporation, and shall be enforceable only by appropriate proceedings by a receiver, assignee or trustee of such corporation acting under the orders of a court of competent jurisdiction; provided, that this Act shall not affect the rights or remedies of any creditor or depositor under the existing laws of this State against the stockholders of any such corporation, who were liable to any such creditor or depositor at the date of the passage of this Act; and provided further, that nothing in this Act shall be considered as a construction by the Legislature of the law hereby repealed.

1904, ch. 101. 1904, ch. 337, sec. 85L 1.

105. The exclusive remedy for the enforcement against stockholders of all rights existing under the preceding section as said section stood before the repeal thereof by the Act of 1904, entitled "An Act to repeal Section 85L of Article 23 of the code of public general laws, title Corporations,' sub-title 'General Regulations,' as enacted by the Acts of 1892, chapter 109, and to re-enact the same with amendments," and existing at the time of the passage thereof, and which were declared by said Act not to be affected by the terms thereof, shall be, as against stockholders residing in the State of Maryland, by bill in equity in the nature of a creditors' bill filed against such stockholders by one or more creditors on behalf of themselves and all other creditors of the corporation who may come in and

make themselves parties thereto, in a court having jurisdiction within the limits of the county or the city of Baltimore, in which, as the case may be, the principal office of the corporation is situated at the time of the filing of the bill, or, in case any such corporation has, by reason of having been placed in the hands of a receiver, or from any other cause, ceased to have any principal office at the time of the filing of the bill, then the bill shall be filed in a court having jurisdiction within the limits of the county or the city of Baltimore in which, as the case may be, the said corporation had its last principal place of business; and to any such bill stockholders residing beyond the limits of the State of Maryland may become parties defendant, and upon so becoming parties shall not be proceeded against in any other State or Territory or in the District of Columbia in respect of any liability imposed by the said Section 85L, as said section stood before the repeal thereof, and which existed at the time of the passage of the Act of 1904 hereinbefore referred to. This section shall become operative as of January 1, 1903, and shall cause the abatement of all actions at law which shall have been brought against said stock-. holders since that date to enforce any liability created by section 85L as said section stood before the repeal thereof, and which existed at the time of the passage of the Act of 1904 herein before referred to; provided, however, that as to any plaintiff or plaintiffs in any of said abated suits who shall within sixty days from the passage of this Act become a party or parties to a bill in equity of the character mentioned in this section, then, as regards the operation of the statute of limitations upon the claims so sued on, the time elapsed between the institution of said abated suits and the time of such plaintiff or plaintiffs becoming a party or parties to said bill in equity, shall be excluded in ascertaining the period within which suits are required to be brought by the said statute of limitations. The costs taxable to any plaintiff or plaintiffs in any action at law which shall be abated under the provision of this section, the plaintiff or plaintiffs in which action shall become a party or parties to a bill in equity under the provisions of this section, shall become a part of the costs taxable in the proceedings in said equity case.

1900, ch. 212, sec. 85м. 1904, ch. 251.

106. Every life insurance company and accident insurance company incorporated under the laws of this State, and every safe deposit, trust, guaranty, loan and fidelity company or association, incorporated under any law of this or any other State, district or Territory of the United States or any foreign country receiving money on deposit or assuming any obligation in this State, may, as the security on deposit now or hereafter required by law to be deposited with the Treasurer of Maryland by laws, and especially by Sections 98 and 149 of this Article, transfer and assign to said Treasurer such first mortgage bonds of electric railways of this State as may be approved by the board of public works, in lieu of the kinds of securities now required by law to be deposited with said Treasurer; or said companies may in lieu of said securities, transfer and assign to said Treasurer bonds secured by a first mortgage on real estate situated in the State of Maryland and owned by the company required by law to make such deposit whenever such bonds may be approved as security by the Board of Public Works. If at any time the Board of Public Works shall find that the bonds approved by them have either fallen in value or have ceased to be proper security to be held by said Treasurer, then the said board shall direct any company having any of said bonds on deposit with him as security as aforesaid, to either deposit an additional number of bonds with said Treasurer or to withdraw the said bonds entirely and substitute bonds of a different kind in their place; if the said company or companies owning said bonds shall fail, within ten days from the receipt of a notice from the Treasurer to that effect, to alter, increase the number of said bonds on deposit or substitute bonds of a different kind in their place, as the Board of Public Works may order, then the said company or companies shall be treated as being in default and shall be subject to all the penalties imposed on said companies for doing business in this State without depositing the proper securities with the said Treasurer as now or hereafter provided by law.

1908, ch. 240.

107. It shall be lawful for the stockholders of any life insurance, accident insurance, safe deposit, trust or fidelity

company, created by general law or special act, in general meeting assembled, from time to time, to provide for calling in and cancelling the whole or any part of the capital stock, and issuing other stock instead thereof at such par value as they may decide on, to an amount not exceeding the true value of such stock, in such manner as to provide such contingent fund or surplus not represented by stock as they may decide to be necessary; provided that notice of every such meeting of stockholders shall be given in the manner required by Sections 15 or 16 of this Article, and the proceedings thereafter shall be similar to those prescribed in Sections 26 to 28 (both inclusive), of this Article.

1900, ch. 272, sec. 85A.1

108. All corporations heretofore chartered under any of the laws of this State, except cemetery companies, companies created for purely benevolent or charitable purposes, railroad companies and building or homestead associations, which have not within two years from the date of the granting of their charters of certificates of incorporation actually organized and begun business, shall be conclusively presumed to have surrendered all corporate or charter rights, unless within six months from the first day of June, 1900, each of said corporations shall have paid to the treasurer of this State a franchise tax equal to one-eighth of one per centum per annum, accounting from two years after the date of the granting of such charter or certificate of incorporation, upon the amount of capital stock required to be subscribed before it is authorized to begin business, and upon payment as aforesaid, and receiving the receipt of the comptroller therefor, the said corporate or charter rights shall continue.

Ibid. sec. 85B.2

109. All corporations hereafter organized under any of the laws of this State, except as excepted in the preceding section, which shall not within two years from the date of the granting of their charters or certificates of organization actually organ

'Should have been called 85N. 'Should have been called 850.

ize and begin business shall, in addition to other taxes required by law to be paid annually after the expiration of the two years aforesaid, pay to the treasurer a franchise tax equal to oneeighth of one per centum per annum until the said corporation actually organizes and begins business upon the amount of its capital stock required to be subscribed, before it begins business; on default of such payment annually all the corporate rights and franchises of such corporation shall be suspended until such payments have been made.

1900, ch. 272, sec. 85c.1

110. All corporations mentioned in Section 108 and thereby required to renew their corporate rights and franchises, shall be required annually after such renewal, and until they actually organize and begin business, to pay the franchise tax required under the next preceding section of corporations hereafter organized, with like penalties in case of default. The several corporations mentioned in Sections 108, 109 and 110 of this Article, shall be liable for the payment of the franchise tax imposed herein upon their respective corporations, and in the same manner as though they had jointly and severally agreed to pay the same; and the State Tax Commissioner is hereby charged with the duty of carrying the provisions of said sections into effect by assessing the said franchise tax upon the several corporations in said sections required to pay the same.

1902, ch. 589. 1904, ch. 93.

111. From and after a period of one month subsequent to the first day of April, in the year 1904, every association or corporation doing business in the State of Maryland employing wage-workers, whether skilled or ordinary laborers, engaged in manual or clerical work, in the business of mining, manufac turing, operating a steam or electric railroad, street railway, telegraph, telephone or express company, shall make payment in lawful money of the United States semi-monthly to said employees, laborers and wage-workers, or to their authorized agents, at their respective places of employment, at intervals

'Should have been called. SP.