324 LAWS OB¹ MARYLAND [CH. 135

against the successor and in favor of each objecting stock-
holder party to the proceeding for the value of his stock so
determined. If the appraisers' determination of value is re-
jected, the court (1) may determine the fair value of the stock
of the objecting stockholders, in which event judgment shall
be entered upon such determination of fair value, or (2) may
remit the proceeding to the same or other appraisers, making
such directions with respect to further proceedings as it deems
proper. Any judgment for the value of stock entered pur-
suant to this section shall include interest from the date of
the stockholders' vote on the action to which objection was
made; provided, that no interest shall be allowed to any
objecting stockholder, if, taking into consideration the price
which the successor offered for such stock, the financial state-
ments and other information furnished, and such other cir-
cumstances as the court deems relevant, the court finds that
the action of the stockholder in failing to accept the offer was
arbitrary and vexatious or not in good faith.

(g) The costs of the proceeding shall be determined by the
court and shall be assessed against the successor; provided,
that all or any part of the costs may be apportioned and
assessed as the court deems equitable against any or all of the
objecting stockholders parties to the proceeding if, taking
into consideration the price which the successor offered for
such stock, the financial statements and other information
furnished, and such other circumstances as the court deems
relevant, the court finds that the action of the stockholder in
failing to accept the offer was arbitrary and vexatious or not
in good faith. Costs shall include reasonable compensation
to, and reasonable expenses of, the appraisers, but shall ex-
clude the fees and expenses of counsel, and of experts retained
by any party; provided, that if no offer was made or the value
of the stock as determined in the proceeding materially ex-
ceeds the amount the successor offered to pay therefor, the
court, in its discretion, may award to any stockholder party
to the proceeding such sum as the court determines to be
reasonable compensation for any experts retained by such
stockholder in the proceeding.

(h) The judgment shall be final and conclusive on all parties
and shall have the same force and effect as other decrees in
equity, unless and until an appeal is made and perfected. The
judgment shall constitute a lien prior to any mortgage or
other lien placed on its property or franchises by the successor
on or after the effective date of the consolidation, merger or
transfer.

(i) Any stockholder demanding payment for stock in ac-
cordance with this section shall have no right to receive any