272 LAWS OF MARYLAND [CH. 135

(b) In the case of shares without par value, the aggregate
amount of consideration received or to be received for all
shares without par value at the time issued or subscribed for,
except such part thereof as may have been allocated to capital
surplus in accordance with the provisions of this Article; plus
such amounts as may have been transferred from surplus to
stated capital by action of the board of directors; but less the
aggregate amount of any reductions of stated capital pre-
viously made pursuant to corporate action taken in conformity
with this Article, In respect of shares without par value
issued in payment of a dividend, the stated capital shall be as
fixed by the board of directors pursuant to the provisions of
this Article.

(13) "Successor", as used in connection with a consolida-
tion, merger, sale, lease, exchange or other transfer of all or
substantially all the assets of a corporation, means the new
or consolidated corporation, the corporation surviving the
merger, or the vendee, lessee or other transferee, as the case
may be.

FORMATION OF CORPORATIONS

3. (General Scope. ) Corporations other than municipal
corporations and banks, may be formed under the provisions
of this Article for any one or more lawful purposes. Such
corporations, other than corporations of any class for which
special provision is made in this Article, shall be formed in
accordance with the provisions of this sub-title. Any corpora-
tion formed under the provisions of this Article shall, in addi-
tion, comply with all requirements of law applicable to cor-
porations of the class to which it belongs.

4. (Articles of Incorporation. ) (a) For the purpose of
forming a corporation, articles of incorporation shall be filed
with the Commission signed and acknowledged by three or more
persons of at least twenty-one years of age, acting as incor-
porators, and the fees and bonus tax provided by law shall
be paid.

(b) The articles of incorporation shall state—

(1) That the incorporators (stating their names, including
their given names, and post office addresses) are at least
twenty-one years of age and associate themselves with the
intention of forming a corporation.

(2) The name of the corporation.

(3) The purpose or purposes for which the corporation is
formed.