Ch. 625                                     1993 LAWS OF MARYLAND

[2-207.

(a)     The obligation for future payment of an officer, director, or employee of a
corporation or its direct or indirect subsidiary may constitute payment for stock of the
corporation if, in the judgment of the board of directors, the plan, agreement, or
transaction providing for the purchase of stock reasonably may be expected to benefit the
corporation.

(b)     Until the obligation is fully paid in cash, the fact that future payments are
required to be made shall be noted conspicuously on the face or back of the stock
certificate which represents the shares, and the corporation shall retain physical
possession of the certificate.]

2-210.

(a)     Except as provided in subsections (b) and (c) of this section, each stockholder
is entitled to stock certificates which represent and certify the shares of stock he holds in
the corporation.

(b)     A stock certificate may not be issued until the stock represented by it is full
FULLY paid[, except in the case of stock purchased under a plan, agreement, or
transaction as provided by § 2-207 of this subtitle].

(c)     Unless the charter or bylaws provide otherwise, the board of directors of a
corporation may authorize the issue of some or all of the shares of any or all of its classes
or series without certificates. The authorization does not affect shares already
represented by certificates until they are surrendered to the corporation. At the time of
issue or transfer of shares without certificates, the corporation shall send the stockholder
a written statement of the information required on certificates by § 2-211 OF THIS
SUBTITLE. The information may be included in any statement provided pursuant to §
8-408 of the Commercial Law Article.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
October 1, 1993.

Approved May 27, 1993.

CHAPTER 625
(House Bill 1590)

AN ACT concerning

Maryland Tourism Development Board and Advisory Committee on Tourism

FOR the purpose of creating the Maryland Tourism Development 'Board in the
Department of Economic and Employment Development; declaring the intent of
the General Assembly; providing for the appointment, terms, eligibility for
reappointment, and removal of the members of the Board; providing that the
operating staff and functions of the Board shall be provided by the Department of

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