1368 LAWS OF MARYLAND. [CH. 565

tificates of Investment or choses in action shall, at the option
of the borrower, be received at maturity in payment of said
loan,

SEC. 2. And be it further enacted, That this Act shall take
effect June 1, 1929.

Approved April 11, 1929.

CHAPTER 565.

AN ACT to repeal and re-enact with amendments Section 41
of Article 23 of the Annotated Code of Maryland (Edition
of 1924).

SECTION 1, Be it enacted by the General Assembly of Mary-
land, That Section 41 of Article 23 of the Annotated Code of
Maryland (Edition of 1924) be and the same is hereby repealed
and re-enacted with amendments so as to read as follows:

41. (1) Nothing in Sections 41 to 49, inclusive, of this Article
shall he taken or construed as limiting¹ or affecting the liability
of stockholders in banking, safe deposit, trust and loan cor-
porations.

(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 securities
shall constitute the authorization of the issuance, in accordance
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 ren-
dered in the future.

(7) No corporation of this State shall issue shares of its
stock or convertible securities except pursuant to authorization