1146 LAWS OF MARYLAND. [CH. 551

(5) The provisions of this Section shall not be. held
to repeal any of the restrictions imposed by this Article
on the consolidation of railroads owning or operating com-
peting or parallel lines. Any corporation of this State
which shall take advantage of this Section shall be deemed
to have waived all claim to exemption from taxation or
from repeal or modification of its charter,

SEC. 3. And be it further enacted, That Sections 34,
35, and 36 of Article 23 of the Annotated Code of Mary-
land (Edition of 1924) and paragraph (1) of Section 39
of said Article 23 (1929 Supplement) be and the same are
hereby repealed and re-enacted with amendments so as
to read respectively as follows:

34. (1) A consolidation of corporations to form a new
corporation of this State, or a merger of one or more cor-
porations of this or another State or States into a corpora-
tion of this State, shall be effective when the agreement
of consolidation or of merger, as the case may be, has been
delivered to the State Tax Commission with the recording
fees, for which provision is made by Section 33 or Section
33^4 of this Article, and the bonus tax, if any payable,
and not before. A consolidation or merger of one or more
corporations of this State into a corporation of another
State shall be effective according to the provisions of law
of the jurisdiction in which such corporation will be or-
ganized, but not until the agreement of consolidation or of
merger, as the case may be, has been delivered to the State
Tax Commission with the recording fees for which provi-
sion is made in Section SS1/^ of this Article.

(2) Upon the consolidation or merger becoming effective
as hereinbefore provided: (a) the separate existence of the
corporations parties to said agreement of consolidation or
of merger, as the case may be, shall cease except that of the
surviving corporation in the case of a merger; (b) the new
or the surviving corporation, as the case may be, may, if so
provided by said agreement, possess any or all the purposes
and powers of the corporations so consolidated or so
merged, and such other purposes and powers as may be set
forth in said agreement, except that any new or surviving
corporation of this State shall not possess any purposes or
powers other than such as may have been possessed by the
corporation or corporations of this State parties to said
agreement and such other purposes and powers as may be
set forth in said agreement as hereinbefore permitted; (c)
all the property, rights, privileges and franchises, of what-