ALBERT C. RITCHIE, GOVERNOR. 1369

of the issuance thereof given in the manner provided in Sec-
tion 42, Section 43, Section 44 or Section 45 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 con-
nection with the authorization of the issuance of any stock or
convertible securities.

(8) If the issuance thereof shall have been authorized in the
manner provided in Section 43 or in the manner provided in
Section 44 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
or of shares into which such, securities are convertible, or for a
consideration other than money the actual value of which is
less than the par value of such shares or of the shares into
which such securities are convertible.

(9) A statement that the actual value of any consideration,
in the opinion of a board of directors or as fixed by incor-
porators, is not less than a certain sum is a sufficient statement of
value to comply with any of the requirements of Sections 43,
44 and 45. This paragraph (9) shall not be construed as im-
plying that in the absence of this paragraph (9) the require-
ments of Sections 43, 44 and 45 could properly be otherwise
construed.

(10) No corporation of this State shall issue warrants or
other instruments evidencing rights or options, limited or un-
limited in duration, to subscribe for shares of its capital stock,
whether or not in connection with the issuance of any other
stock or securities of the corporation, except pursuant to author-
isation of the issuance of such shares of stock, in the event of
the exercise of such rights or options, given in the manner pro-
vided in Section 42, Section 43, Section 44 or Section 45 of this
Article, which authorization may specify either the maximum
number of shares of each class authorized to be so issued and
the minimum price or prices to be received or the terms of the
rights or options upon which they depend.

Approved April 11, 1929.

CHAPTER 566.

AN ACT to repeal and re-enact with amendments Section 209A
of Article 56 of the Annotated Code of Maryland, (1924 Edi-
tion), title "Licenses, " sub-title "Motor Vehicles, " sub-head-
ing "Rules of the Road, " as said section was enacted by