1352 LAWS OF MARYLAND. [CH. 550

Annotated Code of Maryland be and the same are hereby re-
pealed and re-enacted with amendments so as to read respect-
ively as follows:

35. (1) Nothing in Sections 35 to 36, inclusive, of this
Article shall be taken or construed as limiting or affecting the
liability of stockholders in banking, safe deposit, trust and loan
corporations.

(2) The term "consideration other than money" as used in
said sections includes a consideration partly in money.

(3) The term "convertible securities" as used in said sec-
tions shall be taken to mean obligations of a corporation con-
vertible into shares of its stock.

(4) The authorization of the issuance of stock of any class
which by the terms of the charter is convertible into stock of
another class shall constitute the authorization of the issuance,
in accordance with the terms of the charter, of the stock into
which such stock is convertible.

(5) The authorization of the issuance of convertible securi-
ties shall constitute the authorization of the issuance, in accord-
ance with the terms of such convertible securities, of the stock
into which they are convertible, if and when such stock shall
have been authorized by the charter.

(6) Nothing in this Article shall authorize the issuance
of stock or convertible securities for personal services to be
rendered in the future.

(7) No corporation of this State shall issue shares of its
stock or convertible securities except pursuant to authorization
of the issuance thereof given in the manner provided in Section
35A, Section 35B, Section 35C or Section 35D of this Article,
which said sections shall be construed to be independent and
separate provisions, and in no case shall compliance with the
terms of more than one of said sections be required in connec-
tion with the authorization of the issuance of any stock or con-
vertible securities.

(8) If the issuance thereof shall have been authorized in the
manner provided in Section 35B or in the manner provided in
Section 35C of this Article, fully paid and non-assessable shares
of stock having a par value or securities convertible into fully
paid and non-assessable shares of such stock may be issued for a
consideration in money less than the par value of such shares