290 LAWS OF MARYLAND [CH. 135

is preferred or limited as to its dividends or as to its share

of the assets upon liquidation, or is redeemable, shall have a
statement of such restriction, limitation, preference or redemp-
tion provision, or a summary thereof, plainly stated on the
certificate. A summary of such information included in a
registration statement permitted to become effective under the
Federal Securities Act of 1933, as now or hereafter amended,
shall be an acceptable summary for the purposes of this sec-
tion.

(d) No certificate shall be issued for any share of stock
until such share is full paid.

(e) The board of directors of a corporation may, unless
otherwise provided in the by-laws, determine the conditions
upon which a new certificate of stock may be issued in place
of a certificate which is alleged to have been lost, stolen or
destroyed. They may, in their discretion, require the owner
of such certificate or his legal representative to give bond, with
sufficient surety, to the corporation to indemnify it against
any loss or claim which may arise by reason of the issuance
of a new certificate. The issuance of a new certificate pur-
suant to this section shall not be deemed to constitute an
overissue of the shares represented thereby.

24. (Issuance of Fractional Shares or Scrip. ) A corpora-
tion may, but shall not be obliged to, issue a certificate for a
fractional share of stock, and, by action of its board of
directors, may issue in lieu thereof scrip or other evidence of
ownership which shall entitle the holder to receive a certificate
for a full share upon the surrender of such scrip or other
evidence of ownership aggregating a full share, but which
shall not, unless otherwise provided, entitle the holder to exer-
cise any voting right, or to receive dividends thereon or to
participate in any of the assets of the corporation in the
event of liquidation. The board of directors may cause such
scrip or evidence of ownership to be issued subject to the con-
dition that it shall become void if not exchanged for certificates
representing full shares before a specified date or subject to
the condition that the shares for which such scrip or evidence
of ownership is exchangeable may be sold by the corporation
and the proceeds thereof distributed to the holders of such
scrip or evidence of ownership, or subject to any other reason-
able conditions which the board of directors deem advisable,
including provision for forfeiture of such proceeds to the
corporation if not claimed within a period of not less than
three years after the date of the original issuance of the scrip
certificates.