38 LAWS OF MARYLAND.

principal upon dissolution—shall have a statement of such
restriction, limitation or preference plainly stated thereon.

Classification of Stock.

SEC. 34. Every corporation may create two or more classes of
stock with such preferences, voting powers, restrictions and
qualifications thereof as shall be expressed in the certificate of
incorporation or by any amendment to its charter or cer-
tificate which may be adopted in accordance with the pro-
visions of this article. And by articles of amendment,
any increased stock, and any unissued or reissued part
of the original authorized issue, may be so classified.
Such preferred stock may, if desired, be made subject to re-
demption at not less than par at a time and price to be
expressed in the certificate of incorporation or articles of
amendment; and it may be provided that the holders thereof
shall receive and that the corporation shall be bound to pay a
fixed annual dividend to be expressed in the said certificate or
Articles of amendment, payable quarterly, half yearly or
yearly before any dividend shall be set apart for or paid to the
holders of the common stock; and such dividends may be made
cumulative; and such stock may be preferred over the common
stock as to its distributive share of the assets of the corpora-
tion upon dissolution; but in case of insolvency, the debts and
other liabilities of the corporation shall be paid before the
holders of such preferred stock shall receive anything. Noth-
ing in the laws of this State shall be so construed as to limit
the dividend on such preferred stock to six per cent, per
annum if a greater or less dividend is provided to be paid on
such stock.

Payment of Stock.

SEC. 35. Any corporation of this State may issue stock, pre-
ferred or common, for services or for property of any descrip-
tion; provided (1) that such services are rendered to or
adopted by said corporation; (2) that the property is suitable
for any of the purposes for which the corporation was formed;
(3) that the value of such services and property, and the
propriety of issuing stock therefor, shall be agreed upon and
the issue authorized by the affirmative vote of a majority of
all the stock (or if two or more classes of stock have been
issued, of a majority of each class) outstanding and entitled
to vote, given at any meeting duly warned as provided for by
Sections 15 or 16 of this Article, and (4) that in counting
the majority of the outstanding stock necessary to authorize
the issuance of stock for services or property under this sec-
tion, no stock shall be counted whose owner or holder is