ALBERT C. RITCHIE, GOVERNOR 1115

ized, issued or outstanding is required to be stated, the num-
ber of shares thereof authorized, issued or outstanding, as the
case may be, 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
presumed to be of the par value of one hundred dollars each.
For the purpose of any rule of law or of any statutory pro-
vision, (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 money or the actual
value of the consideration (fixed by the board of directors
or by the charter in the manner provided by law, as the
case may be) for which such stock shall have been issued.
In any case, however, in which stock having a par value
shall have been issued with stock without par value for a
particular consideration, in determining the amount of the
stock without par value issued therefor, the par value of
such stock having a par value shall first be deducted from
the amount of money or actual value of the consideration
determined as aforesaid, and the excess thereof, if any, shall
be taken to be the amount of stock without par value so
issued. The number of shares of such stock may be in-
creased or decreased in the manner and subject to the con-
ditions provided in Sections 24 to 28, inclusive, of this Article.
The amount of such stock issued may also be reduced in the
manner and subject to the conditions provided in said sec-
tions 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 prac-
ticably applicable, shall apply to and govern stock without
par value.

SEC. 2. And be it further enacted, That Section 35 of
Article 23 of the Annotated Code of Maryland be and the
same is hereby repealed.

SEC. 3. And be it further enacted, That eight new and
additional sections be and the same are hereby added to Article
23 of the Annotated Code of Maryland, to be known as Sec-
tions 34B, 35, 35A, 35B, 35C, 35D, 35E and 35F, to follow
Section 34A thereof, said new and additional sections to read
respectively as follows: