3224 LAWS OF MARYLAND. [CH. 596

other than stock preferred as to dividends which is subject to
redemption or stock preferred. as to its distributive share of the
assets of the corporation upon dissolution, without any nominal
or par value. In any ease in which the law requires that the
par value of the shares of a corporation be stated in a certificate
of incorporation, articles of amendment, agreement of consolida-
tion or in any other paper, it shall be stated, in respect of such
shares, that such shares are without par value, and when the
amount of such stock authorized is required to be stated, the
number of shares thereof shall be stated and it shall also be
stated that such shares are without par value. For the purpose
of the bonus tax and annual franchise tax imposed by the laws
of this State, but for no other purpose, such shares shall be pre-
sumed to be of the par value of one hundred dollars each. Por
the purpose of any rule of law or of any statutory provision
(except as in this Section otherwise provided) relating to the
amount of such stock issued, the amount of such stock issued
shall be taken to be the amount of cash or the value of the
services or property (determined by the board of directors as
required by law) for which such stock has been issued. Such
stock may be issued for money in the manner provided in Section
35 of this Article for the issuance of stock for less than par, and
for services in the manner provided therein for the issuance of
stock for services, and for property in the manner provided
therein for the issuance of stock for property. The number of
shares of such stock may be increased or decreased in the manner
and subject to the conditions provided in Section 24 to 28, in-
clusive, of this Article. The amount, of such stock issued may
also be reduced, in the manner and subject to the conditions pro-
vided in said Sections for the reduction of the par value of
shares of stock. All other provisions of law relating to stock
having a par value, so far as the same may be legally, necessarily
or practicably applicable, shall apply to and govern stock with-
out par value.

SEC. 9-A. And be it further enacted, That Section 31 of
Article 23 of the Annotated Code of Maryland be and the same
is hereby repealed and re-enacted with amendments so as read
as follows:

31. Any stockholder of any corporation consolidating as
aforesaid, who at such meeting voted against the agreement
submitted, may, within twenty days after the agreement of con-
solidation has been delivered to the State Tax Commission (but
not afterwards), make upon the consolidated corporation a writ-