1064 LAWS OF MARYLAND. [CH. 504

50. (1) Any corporation of this State may acquire shares
of its own stock of any class by gift or bequest.

(2) Any such corporation may purchase for retirement and
thereby retire any shares of its own stock subject to redemp-
tion at the time of such purchase. Any shares of such stock so
retired by purchase or retired by redemption shall thereafter
have the status of authorized but unissued capital stock of the
corporation and, until the classification thereof shall have
been changed, shall retain the classification obtaining before
such retirement; provided, however, that, if under the charter
the shares so retired may not be reissued, the authorized
capital stock of the class to which such shares belong shall be
deemed to have been reduced by the number of shares of such
stock so retired. No proceeding for the reduction of the issued
capital stock of the corporation or amendment of its charter
shall be necessary to effectuate such retirement or such reduc-
tion. For the purposes of the succeeding paragraphs of this
Section every purchase for retirement of shares of stock sub-
ject to redemption shall be deemed and taken to be a redemp-
tion thereof and the term "purchase" whenever used therein
shall be construed not to include either any purchase for retire-
ment of shares of stock subject to redemption or any redemp-
tion thereof.

(3) Any such corporation thereunto authorized by its
charter or by the vote, at a meeting duly called and held, of
the holders of two-thirds of all the shares (or, if two or more
classes of shares have been issued, two-thirds of each class)
outstanding and entitled to vote thereon, may purchase shares
of its own stock of any class out of its surplus, including
surplus created by a reduction of the amount of the issued
capital stock under Section 32.

(4) Any shares of its own stock acquired by gift, bequest
or purchase by any such corporation, unless acquired for re-
tirement, may be held by such corporation or sold or other-
wise disposed of by it from time to time for its corporate
purposes.

(5) Any shares of its own stock acquired by any such corpo-
ration by gift, bequest or purchase may be retired by reduc-
tion of the amount of issued capital stock of the corporation
in the manner provided by Section 32.

(6) No acquisition by any such corporation by gift, bequest
or purchase of shares of its own stock which have not been
fully paid shall release, or be made the basis of a release of,
the liability of the holders thereof unless the assets of the
corporation remaining immediately after such release shall