34 LAWS OF. -MARYLAND.

and liabilities shall be so far paid and satisfied as not to exceed
the amount to which the capital stock shall be reduced.

Reducing the Number of Shares.

SEC. 28. When the capital stock of any corporation has become
impaired by losses, the outstanding shares may be reduced to
an amount representing their true value without reducing the
amount of capital stock which, by its charter or certificate, the
corporation is authorized to have; the outstanding certificates
may be called in and new certificates issued for the propor-
tionate number of shares as reduced, to the persons entitled
thereto; and the stock representing the difference between the
authorized issue and the number of shares as reduced may be
re-issued without thereby increasing the capital stock, and
may be classified as preferred or common. If such reduction
in the number of shares shall be authorized as in Section 24
is provided, the articles of amendment shall, in addition to the
requirements of Section 25, set forth: (a) the number of shares
originally authorized; (&) the number of shares actually issued
and outstanding; (c) the numbers of shares as reduced; (d)
the classification, if any, of the stock representing the differ-
ence between the original authorized issue and the number of
shares as reduced.

Consolidation and Sale.

SEC. 29. Any two or more corporations organized or to be
organized under any law or laws of this State, which have
been or shall be organized for the purpose of carrying on in
whole or in part any kind of business of the same or a similar
nature, may consolidate such corporations and may by such
consolidation form one new corporation; provided, however,
that the provisions of this section and of Sections 30 and 31
of this Article shall not be held to repeal any of the restric-
tions imposed by this article on the consolidation of railroads
owning or operating competing or parallel lines, and provided
further, that every corporation which shall take advantage of
this section shall thereby be deemed to have waived all claim
to exemption from taxation or from the repeal or modification
of its charter. The agreement of consolidation, prescribing
the terms and conditions thereof, the mode of carrying the
same into effect, the name of the new corporation, the number,
names and places of residence of the first directors and the
officers of such new corporation (who shall hold their offices
until their successors are duly chosen and qualified), the
number of shares of the capital stock, whether common or
preferred, and the amount or par value of each share of stock