284 LAWS OF MARYLAND [CH. 135

15. (Subscription for Shares. ) (a) Every subscription for
shares of a corporation to be formed shall be irrevocable for a
period of three months, unless otherwise provided in the sub-
scription agreement or unless all the subscribers consent to
the revocation of such subscription. Unless otherwise pro-
vided in the subscription agreement, no subscription shall be
deemed void or unenforceable because less than all of the
authorized stock is subscribed for.

(b) Unless otherwise provided in the subscription agree-
ment, subscriptions for shares, whether made before or after
the formation of the corporation, shall be paid in full at such
time, or in such installments and at such times, as may be
fixed by the board of directors. The corporation shall give at
least ten days written notice of the amount, time and place of
payment to each subscriber at his post office address as it
appears on the records of the corporation. Any call made by
the board of directors for payment on subscriptions shall be
uniform as to all shares of the same class.

(c) In case of default in the payment of any installment or
call when such payment is due, the corporation may proceed
to collect the amount due in the same manner as any debt due
the corporation. If the corporation is unable to collect the
amount due within six months after such default, then, at any
time after the expiration of said period, the shares and the
consideration previously paid in by the subscriber shall, after
not less than ten days written notice to the subscriber at his
post office address as it appears on the records of the corpora-
tion and failure to pay within said ten day period, be for-
feited to the corporation.

16. (Issuance of Stock and Convertible Securities. ) (a) Any
corporation of this State may, from time to time, issue shares
of its stock of any class authorized by the charter and securi-
ties convertible into shares of its stock of any class or classes
authorized by the charter, subject to the provisions of this
section.

(b) Any corporation may, pursuant to authorization by its
board of directors, issue shares of its stock of any class or
securities convertible into shares of its stock of any class or
classes provided (1) no such issuance of shares of stock or con-
vertible securities shall be made in violation of any limitation
or restriction set forth in the charter or in the by-laws of the
corporation; and (2) the issuance of such shares of stock or
convertible securities has first been approved by the stock-
holders of the corporation where approval of the stockholders
is required by the charter or by this section; and (3) the corpo-
ration, where required by this section, has first filed for record