1354 LAWS or MARYLAND. [CH. 550

from time to time of shares of its stock without par value of
any class and securities convertible into shares of its stock with-
out par value of any class for such considerations as said board
of directors may deem advisable, subject to such limitations and
restrictions, if any, as may be set forth in the charter or in the
by-laws of the corporation. The board of directors shall, by
resolution, state its opinion of the actual value of any considera-
tion other than money for which it authorizes shares of stock
without par value or securities convertible into shares of stock
without par value to be issued, unless such value shall have
been fixed by the charter.

89. Any educational, charitable or other corporation having
no capital stock, or any corporation formed for the operation
and maintenance of educational, moral, scientific, literary, dra-
matic, social, benevolent or beneficial societies of any description,
or formed for any religious object or for maintaining fire engine
and hose companies, or uniformed volunteer companies, or for
conducting and carrying on universities, colleges, academies, hos-
pitals or asylums and having no capital stock, may unite with cor-
porations incorporated for a similar purpose and having no capi-
tal stock, provided that the majority of the members of each of
the corporations forming such union shall assent thereto; such
union or consolidation shall be made upon such terms and con-
ditions and shall have such name as shall be agreed upon by
said corporations forming such union; a certificate of such union
or consolidation and the provisions thereof shall be executed by
the said corporations and be acknowledged and recorded as
other certificates of incorporation are in this article directed to
be acknowledged and recorded, and thereupon all the property
and assets belonging to said former separate corporations and all
their powers and rights and all the debts and liabilities of said
former separate corporations shall be devolved upon said new
consolidated corporation, and every devise or bequest in favor of
either of the former separate corporations which it would have
been capable of taking shall devolve upon said new consolidated
corporation, which shall be regarded as substituted by operation
of law in the place and stead of said former separate corpora-
tions.

SEC. 2. And be it further enacted, That nothing in this Act
shall be taken or construed as affecting the existence of any cor-
poration existing on June 1, 1924, or as impairing the validity of
any corporate act done or performed in conformity with the
pre-existing law; and nothing in this Act shall release any cor-