1150 LAWS OF MARYLAND. [CH. 551

herein provided, and such decree shall have prior-
ity oyer any incumbrance placed by the grantee cor-
poration upon the property so bought, leased or ex-
changed; provided, however, that the right granted to a
dissenting stockholder hereunder to demand payment for
his stock shall cease, if at any time prior to the entry of
any decree herein provided for, the defendant corpora-
tion shall make it appear to the court that the agreement
of sale, lease or exchange has been rescinded by appro-
priate corporate action, so that the stock of such dissent-
ing shareholder remains unaffected thereby; and provided
further, that the provisions of this Section and of the
four preceding Sections shall not impair or affect
in any way any restrictions, limitations or other provi-
sions, contained in any ordinance granting or conferring
any franchise heretofore passed by any municipal corpor-
ation of this State prohibiting, limiting or restricting the
transfer or assignment of such franchise.

39. (1) Any corporation of this State, heretofore or
hereafter incorporated, except a banking, safe deposit,
trust or loan corporation, may create one or more classes
of stock without any nominal or par value, with such
preferences, voting powers, restrictions and qualifications
thereof not inconsistent with law as shall be expressed in
its charter. Stock without par value of any class may be
made subject to redemption at such times and prices as
may be determined in such charter. In the case of stock
without par value which is preferred as to its distribu-
tive share of the assets of the corporation upon dissolu-
tion, the amount of such preference shall be stated in the
charter. In any case in which the par value of the shares
of stock of a corporation is required to be stated in a cer-
tificate of incorporation, articles of amendment, agree-
ment of consolidation or any other paper, it shall be
stated, in respect of shares without par value, that such
shares are without par value, and when the amount of
such stock authorized, issued or outstanding is required
to be stated, the number of shares thereof authorized, is-
sued or outstanding, as the case may be, shall be stated,
and it shall also be stated that such shares are without
par value.

SEC. 4. And be it further enacted, That Section 91 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1924) be and the same is hereby repealed and re-enacted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: