534

LAWS OF MARYLAND.

district of Baltimore County during the time the
said first election district is exempt from the pro-
visions of this Act.

In force.

Sec. 29. And be it enacted, That this Act shall
lake effect from and after the date of its passage,
and the Legislature reserves to itself the right to

Amend.

repeal, alter or amend this Act at pleasure.
Approved April 4, 1870.

CHAPTER 310.

AN ACT to add additional Sections to Article
twenty-six, of the Code of Public General Laws,
as amended and passed at January Session,
eighteen hundred and sixty-eight, Chapter four
hundred and seventy-one, relating to corpora-
tions.

Amended.

SECTION 1. Be it enacted by the General Assembly
of Maryland, That Article twenty-six, of the Code
of Public General Laws, as amended by an Act
passed at January Session, eighteen hundred and
sixty-eight, of the General Assembly of Maryland,
Chapter four hundred and seventy-one, be amended
by the addition of the following sections:

May reduce
stock.

Section 221. Where the par value of the stock
of any corporation created under the general laws
of the State of Maryland has been, or may here-
after be reduced by losses, it shall be competent
for the stockholders thereof, in general meeting
assembled, to establish the true value of the stock
of such corporation; and they may also provide for

Cancel and
again issue.

calling in and canceling the whole or any part of
such stock, and issuing other stock instead thereof,
at such par value as they may decide on, so as to
represent the amount of the true value so estab-
lished of the stock of such corporation, and they
may also provide for creating and disposing of
additional stock, so as to make up the entire value
of the stock of the corporation to the amount de-
signated in the certificate of incorporation, or for a