EMERSON C. HARRINGTON, GOVERNOR. 1223

said agreement of consolidation, as aforesaid, any amendment or
amendments made by said agreement of consolidation shall take
effect, and not before. A duly certified copy of said agreement
of consolidation from the records of the Secretary of State, the
State Tax Commission or the Circuit or Superior Court, shall
be evidence of said consolidation and of any amendment or
amendments made by said agreement of consolidation. The re-
cording by the State Tax Commission of said agreement of con-
solidation shall be conclusive evidence of the payment of the re-
cording fees and the bonus tax, if any, required by law to be
paid to it, and of the existence of said consolidated corporation,
except in a direct proceeding by the State.

34. Every corporation may create two or more classes of stock
with such preferences, voting powers, restrictions and qualifica-
tions thereof not inconsistent with law as shall be expressed in
its charter. It may be provided that the holders of a certain class
or certain classes of stock shall receive and that the corporation
shall be bound to pay fixed annual dividends thereon, to be ex-
pressed in the charter, payable quarterly, half yearly or yearly,
before any dividend shall be set apart for or paid to the holders
of some other class or classes of stock, and such, dividends may be
made cumulative; any class or classes of stock may be preferred
as to its or their distributive share or shares of the assets of the
corporation upon dissolution; but, in case of insolvency, the debts
and other liabilities of the corporation shall be paid before any
payment or distribution is made to the holders of any class of
stock; and stock preferred as to dividends or having a preference
as to its distributive share of the assets of the corporation upon
dissolution may be made subject to redemption at not less than
par at such times and prices as may be determined in such char-
ter; stock so redeemed shall have the status of authorized but
unissued stock of the corporation. Nothing in the laws of this
State shall be so construed as to limit the dividend on any class
of stock to six per cent, per annum if a greater or less dividend
be provided to be paid on such stock.

SEC. 9. And be it further enacted, That a new and addi-
tional Section be and the same is hereby added to Article 23 of
the Annotated Code of Maryland, to be known as Section 34A
and to follow Section 34 thereof, said new and additional Sec-
tion to read as follows:

34A. Any corporation of this State, heretofore or hereafter
incorporated, except a banking, safe deposit, trust or loan cor-
poration, may, if so provided in its charter, issue shares of stock.