1390 LAWS OF MARYLAND. [CH. 664

vided in its charter, redeem or purchase from its stockholders
shares of its own stock for not exceeding their proportionate
interests in the properties of the corporation, or for not ex-
ceeding the cash equivalent of such proportionate interests.

SEC. 4. 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 95
thereof, to be known as Section 95½ and to read as follows:

95½. (a) Whenever any corporation of this State shall
have been dissolved, its receiver, or if no receiver has been
appointed, its directors (as trustees), may give notice to its
stockholders or members to prove their claims, by mailing such
notice, postage prepaid and addressed to them at their respec-
tive addresses as they appear upon the books of the corpora-
tion, and by publication thereof at least three times in a news-
paper of general circulation published in the county or city in
which the principal office of the corporation was last located,
such notice requiring proof to be made by a certain day, named
therein, not less than sixty days after such mailing and not
less than sixty days after the first publication thereof. After
the time for making proof, as aforesaid, has expired, the re-
ceiver or directors may proceed to distribute their pro rata
shares to stockholders or members who have proved their
claims, reserving the shares of those who have not made such
proof. Thereafter the receiver or directors may incur reason-
able expenses in endeavoring to locate the remaining stock-
holders or members and secure proofs of claims from them and
may charge such expenses against the funds undistributed at
the time when said expenses are incurred, and may, from time
to time, make distribution pro rata to such stockholders or
members as shall have proved their claims since the last dis-
tribution. Not less than three years after the original mail-
ing of such notice to stockholders or members and not less
than three years after the first publication thereof, the receiver
or directors may distribute all surplus assets remaining under
their control to and among those stockholders or members,
of the class or classes entitled to distribution, who shall have
proved their claims prior to such final distribution; and
after such final distribution, the claims of stockholders
or members who have failed to file proof as aforesaid shall
be forever barred and foreclosed. Any assets remaining un-
claimed sixty days after such final distribution, through fail-
ure or inability of the United States postal authorities to
make delivery of distribution checks, or otherwise, shall
escheat to the State of Maryland; and the receiver or directors
shall, upon payment or delivery of such unclaimed assets to