1388 LAWS OF MARYLAND. [CH. 664

pensation as they may deem necessary, and all such clerks
and assistants shall take the oath of office prescribed by the
Constitution of this State and shall furnish a bond with such
surety, in such form and in an amount to be determined by the
County Commissioners, premium of which shall be levied for
and paid out of County tax funds.

SEC. 3. And be it further enacted, That this Act is hereby
declared to be an emergency law and necessary for the im-
mediate preservation of the public health and safety, and being
passed by a yea any nay vote, supported by three-fifths of all
the members elected to each of the two Houses of the General
Assembly, the same shall take effect from the date of its pas-
sage.

Approved April 26, 1939.

CHAPTER 664.
(House Bill 670)
AN ACT to alter and amend the corporation laws.

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That Section 32(7) of Article 23 of the Annotated Code
of Maryland (1935 Supplement), be and the same is hereby
repealed and re-enacted with amendments so as to read as
follows:

32 (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 and in the case of shares convertible
into shares of another class retired by the conversion thereof,
no reduction of the issued amount of capital stock shall be
made except in the manner provided and subject to the pro-
visions of this section.

SEC. 2. And be it further enacted, That a new section be
and the same is hereby added to Article 23 of the Annotated
Code of Maryland (Edition of 1924), to follow Section 34
thereof, to be known as Section 34½ and to read as follows:

34½. Until the first meeting of stockholders of a corpora-
tion of this State formed by consolidation, the board of di-
rectors shall, unless otherwise provided in the agreement of
consolidation, have full power to make, alter and repeal by-
laws, which by-laws shall have the status of by-laws adopted
by stockholders.