322 LAWS OF MARYLAND. [CH. 302

SEC. 2. And be it further enacted. That this Act is hereby
declared an emergency law and necessary for the immediate
preservation of the public health and safety, and having been
passed by a yea and 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
passage.

Approved April 2, 1943.

CHAPTER 302.
(House Bill 22)

AN ACT to repeal and re-enact, with amendments, Section 18
of Article 48A of Flack's Annotated Code of Maryland (1939
Edition), title "Insurance'', sub-title "General Provisions",
relating to meeting of stockholders of insurance corporations.

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That Section 18 of Article 48A of Flack's Annotated
Code of Maryland (1939 Edition), title "Insurance", sub-title
"General Provisions", be and the same is hereby repealed and
re-enacted, with amendments, to read as follows:

18. CANCELLATION AND RE-ISSUE OF CAPITAL STOCK. It shall
be lawful for the stockholders of any insurance company, in
general meeting assembled, from time to time to provide for
calling in and cancelling the whole or any part of the capital
stock and issuing other stock instead thereof of such par value
as they may decide on, to an amount not exceeding the true
value of such stock, in such manner as to provide such contin-
gent fund or surplus not represented by stock as they may
decide to be necessary; provided, that notice of every such
meeting of stockholders shall be given in the manner required
by, and the proceedings thereafter shall be similar to those
prescribed in Article 23 of the Annotated Code of the Public
General Laws of Maryland.

SEC. 2. And be it further enacted, That this Act shall take
effect June 1, 1943.

Approved April 30, 1943.