298 LAWS OF MARYLAND [CH. 135

VALUE, THE AMOUNT TO BE ATTRIBUTED TO STATED
CAPITAL WITH RESPECT TO SUCH SHARES SHALL
BE FIXED BY THE BOARD OF DIRECTORS BY RESO-
LUTION ADOPTED AT THE TIME SUCH DIVIDEND IS
DECLARED, AND SUCH AMOUNT SHALL BE TRANS-
FERRED FROM SURPLUS TO STATED CAPITAL AT
THE TIME SUCH DIVIDEND IS PAID AND THERE MAY
BE TRANSFERRED FROM EARNED SURPLUS TO CAP-
ITAL SURPLUS SUCH ADDITIONAL AMOUNT AS THE
BOARD OF DIRECTORS MAY DETERMINE. THE
AMOUNT PER SHARE TRANSFERRED TO STATED
CAPITAL AND THE AMOUNT, IF ANY, TRANSFERRED
TO CAPITAL SURPLUS, SHALL BE DISCLOSED TO THE
STOCKHOLDERS RECEIVING SUCH DIVIDEND PRIOR
TO OR CONCURRENTLY WITH PAYMENT THEREOF.

(6) A split-up or division of issued shares into a greater
number of shares of the same class without any change in
the aggregate amount of stated capital shall not be deemed to
be a share dividend within the meaning of this section.

(7) No dividend payable in shares of its own stock of one
class shall be declared or paid to the holders of shares of
another class unless the payment thereof (i) has been author-
ized by the board of directors pursuant to the charter, or (ii)
has been approved at a meeting of stockholders by the affirma-
tive vote of a majority of all the votes of each class entitled
to be cast thereon.

(8) A corporation engaged solely or substantially in the
exploitation of mines, timber, oil wells, gas wells, patents or
other wasting assets or organized substantially for the liqui-
dation of specific assets may distribute the net income derived
from the exploitation of such wasting assets or the net pro-
ceeds derived from such liquidation without making any de-
duction or allowance for the depletion of such assets inci-
dental to the lapse of time, consumption, liquidation or ex-
ploitation, if adequate provision is made for debts and lia-
bilities (other than stated capital) and for the aggregate
preferential amount payable in the event of voluntary liquida-
tion to the holders of shares having preferential rights, and if
notice that no deduction or allowance has been made for such
depletion is given to stockholders receiving such dividend
prior to or concurrently with payment thereof.

(b) Any stockholder, who receives a dividend declared or
paid when the corporation is insolvent or when the payment
thereof renders it insolvent, shall be liable to the corporation,
its receiver or other person winding up its affairs to the ex-
tent that the dividend received by him exceeded the amount