EMERSON C. HARRINGTON, GOVERNOR. 1219

stock issued and, if more than one class, the amounts of each
class; (e) the amount of the reduction of authorized but unis-
sued stock, specifying in which class or classes, if more than
one class, the reduction is to be effected and the amount of the
reduction of each class; and (d) the number and par value of
the shares of each class as reduced.

28. When by a reduction of the number and/or par value of
the shares of stock of a corporation, the amount of stock issued
is thereby, reduced, the stock representing the difference between
the amount theretofore issued and the amount of the stock issued
as thereby reduced, shall be treated as authorized but unissued
stock of the corporation and until the classification or classifica-
tions thereof be changed shall retain the classification or classi
fications obtaining before the reduction. No reduction of the
amount of the capital stock outstanding shall release the lia-
bility to the corporation, or its receiver, trustee or other per-
son winding up its affairs, of any stockholder, whose shares
have not been fully paid, for the payment of its liabilities exist-
ing at the time of such reduction. If any payments be made
to the stockholders representing any or all of such reduction,
such stockholders shall be and remain liable to the corporation,
or its receiver, trustee or other person winding up its affairs,
to the extent of such payments made to them for the payment
of its liabilities existing at the times of such payments. If a
change in the number and/or par value of the shares of capital
stock of any corporation, by which, the amount of stock issued
is reduced, shall have been duly authorized, as in Section 24
provided, the articles of amendment shall also set forth:
(a) the amount of each class of stock theretofore authorized
and the number and par value of the shares of each class; (b)
the number and/or par value of the shares of each class of stock
as changed by the amendment; (e) the amount of such reduc-
tion, specifying the amounts of the reductions of each class,
if more than one class is reduced; and (d) the reclassifications,
if any, of the stock representing the difference, if any, between
the amount of stock theretofore issued and the amount of the
issued stock as reduced.

29. (1) Any two or more corporations having capital stock,
now existing or hereafter formed under any law or laws of this
State, which have been or shall have been duly authorized by
law to carry on in whole or in part any kind of business of the
same or a similar nature, may consolidate and by such consoli-
dation form one new corporation; provided, however, that the