CORPORATIONS. 247

(5) The authorization of the issuance of convertible securities shall con-
stitute the authorization of the issuance, in accordance with the terms of
such convertible securities, of the stock into which they are convertible, if
and when such stock shall have been authorized by the charter.

(6) Nothing in this Article shall authorize the issuance of stock or con-
vertible securities for personal services to be rendered in the future.

(7) No corporation of this State shall issue shares of its stock or con-
vertible securities except pursuant to authorization of the issuance thereof
given in the manner provided in Section 42, Section 43, Section 44 or Sec-
tion 45 of this Article, which said sections shall be construed to be inde-
pendent and separate provisions, and in no case shall compliance with the
terms of more than one of said sections be required in connection with the
authorization of the issuance of any stock or convertible securities.

(8) If the issuance thereof shall have been authorized in the manner
provided in Section 43 or in the manner provided in Section 44 of this
Article, fully paid and non-assessable shares of stock having a par value
or securities convertible into fully paid and non-assessable shares of such
stock may be issued for a consideration in money less than the par value
of such shares or of shares into which such securities are convertible, or for
a consideration other than money the actual value of which is less than the
par value of such shares or of the shares into which such securities are con-
vertible.

(9) A statement that the actual value of any consideration, in the opin-
ion of a board of directors or as fixed by incorporators, is not less than a
certain sum is a sufficient statement of value to comply with any of the
requirements of Sections 43, 44 and 45. This paragraph (9) shall not be
construed as implying that in the absence of this paragraph (9) the require-
ments of Section 43, 44 and 45 could properly be otherwise construed.

(10) No corporation of this State shall issue warrants or other instru-
ments evidencing rights or options, limited or unlimited in duration, to
subscribe for shares of its capital stock, whether or not in connection with
the issuance of any other stock or securities of the corporation, except pur-
suant to authorization of the issuance of such shares of stock, in the event
of the exercise of such rights or options, given in the manner provided in
Section 42, Section 43, Section 44 or Section 45 of this Article, which
authorization may specify either the maximum number of shares of each
class authorized to be so issued and the minimum price or prices to be
received or the terms of the rights or options upon which they depend.

This section forbids stock to be presently issued for services to be performed
after such issue, but does not forbid agreement to issue stock in the future
payment for services when performed. Mas Bottle Corp. v. Cox, 163 Md. 179.
Cited but not construed in Maas v. Maas, 165 Md. 347.

An. Code, 1924, sec. 42. 1920, ch. 545, sec. 35A. 1927, ch. 581, sec. 42.
42. The board of directors of any corporation of this State may, from
time to time, subject to any limitation or restriction contained in the char-
ter or by-laws of such corporation, authorize the issuance of shares of its
stock of any class having a par value for money at not less than the par-