1122 LAWS OF MARYLAND [CH. 545

same is hereby repealed and re-enacted, with amendments,
so as to read as follows:

36A. (1) Any corporation of this State may acquire
shares of its own stock of any class by gift or bequest.

(2) Any such corporation may purchase shares of its
own stock of any class, which is subject to redemption at
the time of such purchase, at not exceeding the redemption
price, thereof.

(3) Any such corporation thereunto authorized by its
charter or by the vote, at a meeting duly called and held,
of the holders of two-thirds of the shares of each class of
stock outstanding, including stock of any class to which the
charter purports to deny the right to vote, may purchase
shares of its own stock of any class.

(4) Any shares of its own stock acquired by gift or
bequest by any corporation of this State or purchased by it
out of its surplus or net profits may be held by such corpora-
tion or sold or otherwise disposed of by it from time to time
for its corporate purposes. Any such shares so acquired may
be retired by resolution of the Board of Directors, and if
retired shall have the status of authorized but unissued stock
of the corporation and, until the classification thereof be
changed, shall retain the classification obtaining before such
retirement. No procedure for the reduction of the issued
stock of the corporation shall be necessary to effectuate such
retirement, In case of the purchase or redemption of stock
subject to redemption when such purchase or redemption shall
have been made out of the surplus or net profits of the corpora-
tion, such stock so purchased or redeemed shall have the
status of authorized but unissued stock of the corporation,
and no proceedings whatsoever shall he necessary to effectuate
its retirement.

(5) Any shares of its own stock purchased or redeemed
by any such corporation, except out of its surplus or net
profits, shall be retired by reduction of the amount of issued
stock of the corporation in the manner provided by law. In
such case the articles of amendment reducing the amount of
issued stock of the corporation shall, in addition to other
matters required by law, set forth the aggregate price paid
or to be paid by the corporation for the shares of stock there-
by retired.