1398 LAWS OF MARYLAND.

majority in number of all the stockholders (present in person
or by proxy) shall constitute a quorum, and the vote of any
majority of any quorum shall be sufficient to elect and pass
any measure within the powers of a majority of all the shares
of stockholders.

SEC. 8. And be it further enacted, That said corporation, be-
fore proceeding.to exercise any of the powers and franchises
herein granted shall file with the State Tax Commissioner of
the State of Maryland a certified copy of this Act and pay
to the State Treasurer for the use of the State a bonus tax in
accordance with the provisions of the Code of 1904, of the
Public General Laws of the State, section 98 of article 81, upon
the amount of the capital stock which said company is author-
ized to have, and a like bonus upon the amount of any sub-
sequent increase of the capital stock which said company is
authorized to issue; the bonus tax upon any increase of the
capital stock shall be due and payable immediately after
the passage of any resolution by the stockholders of the com-
pany authorizing such increase, and before such shares of the
increased capital stock are issued, a certificate of the proceed-
ings of such meeting, showing a compliance therewith, the
amount of capital actually paid in, either by subscriptions to
the capital stock or stock exchanged by way of payment for
real estate or other property purchased for the use of the cor-
poration or for services rendered, the amount to which the
capital stock shall be increased, shall be made out and signed
by the chairman and such certificate shall be sworn to by the
president and filed with the State Tax Commissioner.

SEC. 9. And be it further enacted, That said company may
issue stock in payment of services or for property of any de-
scription; provided, (1) that such services were rendered to
the corporation at its request; (2) that the property is suita-
ble for any of the purposes for which the company was incor-
porated; and (3) that the value of such services and property
and the propriety of issuing the stock therefor shall be agreed
upon, and the issue authorized by the affirmative vote of all the
stock outstanding and entitled to vote, given at any meeting
duly warned as provided for by sections 5 and 6 of this Act of
incorporation, and when any stock is issued for service or prop-
erty in accordance with this section the books of the company
shall be so kept as to show at all times fully what property
was received and what services rendered for said stock; at
what value, and the number of the shares issued for the same,
and the books containing such information shall always be
open to the inspection of any shareholders, holding an over
due debt of the company, but the valuation placed by the stock-