J. Millard Tawes, Governor                      1423

Sec. 3. And be it further enacted, That this Act shall take effect
June 1, 1961.

Approved May 3, 1961.

CHAPTER 810
(House Bill 77)

AN ACT to repeal and re-enact, with amendments, Section 71 of
Article 23 of the Annotated Code of Maryland (1957 Edition), title
"Corporations", sub-title "Consolidation, Merger and Other Trans-
fers of Property", providing that every devise or bequest which
certain corporations would have been capable of taking shall be
transferred to, vested in, and devolved upon the new or surviving
corporation in the case of a consolidation for OR merger and
validating certain such devises and bequests after May 31, 1951,
and up to the effective date of this Act.

Section 1. Be it enacted by the General Assembly of Maryland,
That Section 71 of Article 23 of the Annotated Code of Maryland
(1957 Edition), title "Corporations", sub-title "Consolidation, Merger
and Other Transfers of Property", be and it is hereby repealed and
re-enacted, with amendments, to read as follows:

71.

Upon a consolidation or merger, in accordance with this subtitle:

(1)    Cessation of separate existence.—The separate existence of
the corporations party to the articles shall cease, except that of the
surviving corporation in the case of a merger.

(2)   Powers of new corporation.—The new or the surviving cor-
poration shall, if so provided in the articles, possess any or all the
purposes and powers of the corporations party to the articles and
such other purposes and powers as may be set forth in the articles.

(3)   Effect on property, rights, privileges and franchises; con-
firmatory instruments.—All the property, rights, privileges and
franchises, of whatsoever nature and description, of each of the
corporations party to the articles, including every devise or bequest
which either of the corporations party to the articles would have been
capable of taking and including subscriptions for shares and other
choses in action, shall be transferred to, vested in and devolved upon
the new or the surviving corporation, without further act or deed.
Notwithstanding this provision, confirmatory deeds, assignments or
other like instruments, when deemed desirable to evidence such trans-
fer, vesting or devolution of any property, right, privilege or fran-
chise, may at any time, or from time to time, be made and delivered
in the name of the corporation party to the articles by the last acting

Explanation: Italics indicate new matter added to existing law.

[Brackets] indicate matter stricken from existing law.
CAPITALS indicate amendments to bill.
Strike out indicates matter stricken out of bill.