1226 LAWS OF MARYLAND. [CH. 596

35. Any corporation of this State may dispose of its capital
stock at such prices and for such considerations in money, in
services rendered to or adopted by the corporation or in prop-
erty of any description suitable for the purposes of the corpora-
tion, or any of them, as it sees fit; and there shall be no indi-
vidual liability on any subscriber to, or holder of such stock, be-
yond obligation to the corporation or its receiver, trustee or
other person winding up its affairs, to comply with the terms of
the contract of subscription thereto, provided, however, that
nothing in this section shall be taken or construed as limiting
or affecting the liability of stockholders in banking, safe deposit,
trust and loan corporations.

The word "stock" as used in this section and in Section 36
of this Article includes securities convertible into stock.

The word "property" as used in this section does not in-
clude money.

Stock shall not be issued for less than par or for services or
property except in the manner following:

(1) The board of directors shall pass a resolution declaring
that it is advisable to issue stock at not less than a certain
specified price or for certain specified services rendered to or
adopted by the corporation or for certain specified property,
suitable for the purposes of the corporations, or any of them,
stating the value placed by the board of directors on such
services or property and if there be no shares of stock out-
standing and entitled to vote, authorizing such issue, but other-
wise calling a meeting of the stockholders to take action thereon;
(2) the meeting of the stockholders shall be duly warned in the
manner provided in Section 15 of this Article; (3) such issue
advised by the board of directors may be then au-
thorized * by the affirmative vote of two-thirds of all of
the shares (or if two or more classes of shares have been
issued, of two-thirds of each class), outstanding and entitled
to vote, and in counting the shares necessary to authorize the
issuance of stock for services, or for property, no stock shall
be counted, whose owner or holder is interested in such serv-
ices or property, nor any stock which is merely subscribed for
and payment for which is to be made in services; (4) before
issuing any such stock, authorized as aforesaid, the president
or vice-president and the treasurer or an assistant treasurer
shall execute and acknowledge a statement verified under oath
and in such form as may be prescribed or permitted by the
State Tax Commission, stating the minimum amount of cash