1198                      LAWS OF MARYLAND.                  [CH. 480

(5)   Any shares of stock retired by reduction of the issued
amount of capital stock shall thereafter have the status of
authorized but unissued capital stock of the corporation and,
until the classification thereof shall have been changed shall
retain the classification obtaining before such retirement; pro-
vided, however, that, if under the charter the shares so retired
may* not be reissued, the authorized capital stock of the class to
which such shares belong shall be deemed to have been reduced
by the number of shares of such stock so retired.

(6)   A reduction in the amount of the issued capital stock
heretofore or hereafter made may be made the basis of distribu-
tions or payments to stockholders and of releases of the liability
of stockholders whose shares have not been fully paid, to the
extent of any surplus thereby created, provided the assets of
the corporation remaining immediately after such distributions
or payments or releases shall be not less than the debts of the
corporation plus the amount of its issued capital stock as re-
duced. If any such reduction is made the basis of distributions
or payments which reduce the assets of the corporation to an
amount less than its debts plus the amount of its issued capital
stock as reduced, the stockholders shall severally be and remain
liable to the corporation or its receiver, trustee or other person
winding up its affairs to the extent of the excessive distribu-
tions or payments to them respectively for the debts of the cor-
poration existing at the time of such reduction.

(7)   Except in the case of shares subject to redemption re-
tired by purchase for retirement under paragraph (2) of Sec-
tion 50 or by redemption, no reduction of the issued amount of
capital stock shall be made except in the manner provided and
subject to the provisions of this section.

(8)   Nothing in this section shall be taken or construed as
limiting or affecting the liability of stockholders in banking,
safe deposit, trust or loan corporations.

50. (1) Any corporation of this State may acquire shares
of its own stock of any class by gift or bequest.

(2) Any such corporation may purchase for retirement and
thereby retire any shares of its own stock subject to redemption
at the time of such purchase, at not exceeding the redemption
price thereof. Any shares of such stock so retired by purchase or
retired by redemption shall therevafter have the status of author-
ized but unissued capital stock of the corporation and, until the