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52 Prior to the issuance of warrant or voucher, the money shall
not be capable of being assigned, charged or taken in execu-
In 1914 the editor undertook to collect, collate and include within the confines of one volume, all the then-existing laws of Maryland governing the creation, organization, regulation, taxation and dissolution of corporations formed under the laws of or doing business in Maryland, as well as the statutes bearing on cognate subjests. While the author realized that he was essaying a none too ambitious form of authorship, yet he hoped that what the work lacked in literary rank, it might possess in utility, a dream that has not failed of realization, if one may judge by the letters of appreciation from many who prior to the publication of the work had been compelled to search for contemporaneous corporation law under widely separated and disassociated titles. Anterior to 1908, the Maryland corporation law consisted of a hotch-potch of acts, amendments partial and total, repeals and re-enactments, which chaotic condition was aimed to be remedied by the passage of the Corporation Act of that year. This enactment, epochal in Maryland corporation law development and known as Chapter 210 of the Acts of 1908, was carefully framed and embodied the logical and fundamental principles regulating the formation of modern business corporations. Between 1908 and 1914 important changes in the law were made, which the former edition of the work attempted to assign to their respective places in the general scheme of the Maryland law.
The hope of usefulness to the profession of a work of this kind has been fulfilled, and the editor has experienced the added pleasurable assurance that his book has been of value to officers and agents of corporations who by reason of their lack of familiarity with the sources and classification of law. have heretofore been unable to learn at first hand the existing regulatory statutes.
Since the publication of the first edition the Maryland Legislature has passed numerous statutes, making many and important changes in the laws relating to corporations, notably
Chapter 596 of the Acts of 1916, which may properly be desig. nated as the Amendatory Corporation Act. The corporation law of Maryland, dating from 1908, and, therefore, new and unadjudicated, has given rise within the past few years to considerable litigation, the decisions in which has settled the law. References are given to these important decisions.
In compiling this work the editor has made use of (a) Bagby's Code of Public Civil Laws (2 vols.) of 1912, sometimes referred to as the Code of 1911; (b) Bagby's Code of Public Civil Laws (3rd vol., containing Article 27, entitled "Crimes,” and the laws passed at the Sessions of 1912 and 1914); (c) Acts passed at the Session of 1916, and (d) the Maryland Reports up to and including vol. 126.
Considerable labor and time have been expended on that important feature of a work of this kind—the Index-and the editor expresses the hope that this will add some ease of reference to whatever other usefulness the book may have.
GENERAL. Prior to the passage of Chapter 240 of the Acts of 1908, generally known as the Corporation Act, the laws of the State of Maryland pertaining directly to, or materially affecting corporations, constituted a maze of planless legislation. Since the passage of this Act many other statutes pertaining solely or principally to corporations and the rules of law governing them have been passed, and an enumeration of and comment upon them in this introduction are pertinent. The two most important statutes are the Corporation Act of 1908 and Chapter 596 of the Acts of 1916, which properly may be designated as the Amendatory Corporation Act.
THE CORPORATION ACT OF 1908. The Corporation Act, subject to subsequent modifications, governs the creation, powers, regulation and dissolution of corporations generally. The first section of this Act provides for the repeal of nearly one hundred of the sections of the law existing prior thereto, and it contains practically a complete statement of all of the fundamental principles and rules governing corporations generally, except those relating to their taxation. It provides that nothing shall affect the existence of
any then existing corporation; that in the event of any
inconsistencies between the provisions of its sections and the rights conferred by any special Act, the provisions of the special Act shall prevail to the extent of such inconsistency; that in the event of any inconsistencies between any of the provisions of said sections and the provisions made for particular classes of corporations (the same not being provided for or affected by said Act), the latter shall prevail to the extent of such inconsistency; and that, unless otherwise stated, the provisions of the Act shall be available to all corporations of this State as an alternative to, and not in substitution for, any inconsistent provisions contained in any special Act or the provisions made for particular classes of corporations by the then existing law.
Another important section of this statute, namely, Section 79, inserted herein as Section 104, at page 123, should be noted