WM. PRESTON LANE, JR., GOVERNOR. 1109

III. Any stockholder of any corporation of this State
party to any agreement of consolidation or of merger made
pursuant to the provisions of this section, including the
stockholders of the surviving corporation in the case of a
merger only when the agreement contains an amendment
adversely affecting the terms of their stock and there is no
reservation in the charter of the surviving corporation of
the right to make such amendment, who at the meeting of
stockholders of such corporation voted, or (in the case of
a stockholder entitled to register a protest) registered a
protest, against the agreement submitted, may, within
twenty days after the agreement of consolidation or of mer-
ger, as the case may be, has been received for record by
the State Tax Commission (but not afterwards), make up-
on the consolidated corporation or the corporation surviv-
ing the merger, as the case may be, a written demand for
the payment for his stock, and shall, thereupon, be entitled
to receive an amount equal to the fair value thereof on the
effective date of such consolidation or merger without re-
gard to any depreciation or appreciation thereof in con-
sequence of such consolidation or merger, with interest
from said date. If the dissenting stockholder and such
corporation shall fail to agree upon the fair value of said
stock, the dissenting stockholder may, within thirty days
after such written demand apply by petition to any court
of equity having jurisdiction over said corporation, on
reasonable notice to be furnished by said court to said cor-
poration, for the appointment of three disinterested com-
missioners to appraise the fair value of his stock; and on
the coming in of the answer to said petition the Court shall
pass an order referring the matter to three commissioners
named by it, for the purpose of ascertaining such value,
and such order shall prescribe the time and manner of pro-
ducing the evidence, if necessary.

The award of said commission (or that of a majority of
them) when confirmed by said court, shall be final and con-
clusive on all parties, unless any stockholder or the cor-
poration, feeling aggrieved at the said action of the said
court, shall appeal to the Court of Appeals of Maryland,
which right of appeal from such action of the court is
hereby given, and said consolidated corporation or the cor-
poration surviving the merger, as the case may be, shall
pay such stockholder the value of his stock ascertained as
aforesaid. Upon receiving such payment or on a tender
thereof, said stockholder shall transfer his stock to the
said corporation, which stock may be held by the said cor-
poration or sold or otherwise disposed of by it from time
to time for its corporate purposes. In case the award is not