ALBERT C. RITCHIE, GOVERNOR 1123

(6) The acquisition of its own stock by any such corpora-
tion, whether by gift, bequest, purchase or redemption, shall
not release the liability to the corporation, or to its receiver,
trustee or other person winding up its affairs, of any stock-
holders whose shares have not been fully paid, for the pay-
ment of its liabilities existing at the time of such acquisition
or created prior to the retirement of the stock so acquired by
reduction of the amount of issued stock of the corporation,
in the manner provided by law. In the case of the purchase
or redemption of its own stock by a corporation, except when
purchased out of its surplus or net profits, the stockholders
selling their stock to the corporation or whose stock shall
have been redeemed shall be and remain liable to the corpora-
tion or its receiver, trustee or other person winding up its
affairs, to the extent of the payment made to them therefor, for
the payment of the liabilities of the corporation, other than
secured debts, existing at the times of such payments or
created prior to the retirement of the stock acquired from
them by reduction of the amount of issued stock of the cor-
poration, in the manner provided by law.

(7) No corporation of this State shall purchase shares of
its own stock for any unlawful purpose whatsoever, or pur-
chase or redeem shares of its own stock when such purchase
or redemption would prejudice the rights of existing creditors.

(8) Nothing in this section shall be taken or construed
as limiting or affecting the liability of stockholders in banking,
safe deposit, trust or loan corporations.

SEC. 6. And be it further enacted, That Section 88G of
Article 23 of the Annotated Code of Maryland be and the
same is hereby repealed and re-enacted, with amendments.
so as to read as follows:

880. All railroad companies, whose roads are worked by
steam, electric or other power, street and passenger railways,
steamship and steamboat companies, and all other common
carriers, telegraph, cable, telephone, express, transportation,
parlor car, sleeping car and oil pipe line companies, turnpike
companies, bridge companies and sewage disposal companies,
electric light, electric construction, heating, refrigerating,
water and gas companies, which neither own, maintain nor
operate properties, lines or works within this State, shall, for
the purposes of Sections 88B to 88G, inclusive, of this Article,
be ordinary business corporations and are hereby so defined. All