558 LAWS OF MARYLAND. [CH. 327

required by law to be paid to it, except in a direct proceeding
by the State.

29. (1) Any two or more corporations having capital
stock, now existing or hereafter formed under any law or
laws of this State, which have been or shall have been duly
authorized by law to carry on in whole or in part any kind
of business of the same or a similar nature, may consolidate
and by such consolidation form one new corporation; pro-
vided, however, that the provisions of this section and of Sec-
tions 30 and 31 of this Article shall not be held to repeal any
of the restrictions imposed by this Article on the consolidation
of railroads owning or operating competing or parallel lines,
and provided further that any corporation which shall take
advantage of this section shall be deemed to have waived all
claim to exemption from taxation or from repeal or modifica-
tion of its charter.

(2) Such consolidation shall be made in the manner follow-
ing: There shall be an agreement of consolidation between
the consolidation corporations giving: (a) the terms and condi-
tions of the proposed consolidation; (b) the mode of carrying
the same into effect; (c) the name of the new corporation;
(d) the postoffice address of the place at which the principal
office of the corporation in this State will be located as in the
case of a certificate of incorporation and the name or names
and postoffice address or addresses of the resident agent or
agents who will be in charge thereof, as in the case of a certifi-
cate of incorporation; (e) the counties in this State in which
any of the consolidating corporations own property, the title
to which could be affected by the recording of an instrument
among the land records, and if any of the consolidating cor-
porations own such property in the City of Baltimore, the
agreement of consolidation shall so state; (f) the number,
names and addresses of the directors and the names of the
officers, who shall act as such until their successors are duly
chosen and qualified; (g) the amount of authorized capital
stock of each consolidating corporation and the total amount
of authorized capital stock of the new corporation and the
number and par value of the shares; (h) the total amount of
capital stock of the new corporation to be issued for stock
of the consolidating corporations; (i) the restrictions, if any,
imposed upon the transfer of the shares or of any of them;
(j) if the capital stock is classified, the amount, par value,