HERBERT R. O'CONOR, GOVERNOR. 1389

SEC. 2½. And be it further enacted, That Section 41 (9)
and Section 42 of Article 23 of the Annotated Code of Mary-
land (1935 Supplement), be and the same are hereby repealed
and re-enacted, with amendments, so as to read respectively
as follows:

41 (9) A statement that the actual value of any considera-
tion, in the opinion of a board of directors or as fixed by
incorporators, is not less than a certain sum is a sufficient
statement of value to comply with any of the requirements of
Sections 42, 43, 44 and 45. This paragraph (9) shall not be
construed as implying that in the absence of this paragraph
(9) the requirements of Sections 42, 43, 44 and) 45 could
properly be otherwise construed.

42. (1) The board of directors of any corporation of this
State may, from time to time, subject to any limitation or
restriction contained in the charter or by-laws of such corpo-
ration, authorize the issuance of shares of its stock of any
class having a par value for money at not less than the par
value thereof, and authorize the issuance of convertible secu-
rities of such corporation, except securities convertible into
shares of stock without par value, for money at not less than
the par value of the shares into which such securities are
convertible.

(2) The issuance of such shares, or of securities convertible
into such shares, for a consideration partly in money, may
be authorized pursuant to this section, provided the money
part of the consideration is equal to or greater than the par
value of the shares so to be issued, or of the shares into which
the securities so to be issued are convertible. The board of
directors shall, by resolution, state the money part of the
consideration and its opinion of the actual value of the total
consideration for which it authorizes such shares and/or secu-
rities to be issued. This paragraph (2) shall not be construed
as implying that, in the absence of this paragraph (2), para-
graph (1) of this section could properly be otherwise con-
strued.

SEC. 3. And be it further enacted, That Section 50(8) of
Article 23 of the Annotated Code of Maryland (Edition of
1924), as enacted by Chapter 504 of the Laws of 1937, be and
the same is hereby repealed and re-enacted with amendments
so as to read as follows:

50(8) Notwithstanding any provision of this section, any
such corporation which is organized for the purpose of, and
substantially all the business of which consists of, holding, in-
vesting or reinvesting in stock or securities may, if so pro-