1424                             Laws of Maryland                        [Ch. 811

officers thereof, or by the corresponding officers of the new or suc-
cessor corporation.

(4)   Liability of new corporation for debts and obligations.—The
new or the surviving corporation shall be liable for all the debts and
obligations of each of the corporations so consolidated or merged;
and any claim existing or action or proceeding pending by or against
any of such corporations may be prosecuted to judgment or decree
as if such consolidation or merger had not taken place, or the new or
the surviving corporation upon motion of such corporation or of any
party, may be substituted as a party in place of the corporation so
consolidated or merged and such judgment or decree against the
corporation so consolidated or merged shall constitute a lien upon the
property of the new or surviving corporation, as the case may be. No
consolidation or merger shall, however, impair in any way the rights
of creditors or any liens upon the property of any corporation party
to the articles.

(5)   Bylaws.—Until the first meeting of stockholders of a corpora-
tion of this State formed by consolidation, the board of directors shall,
unless otherwise provided in the articles of consolidation, have full
power to make, alter and repeal bylaws, which bylaws shall have the
status of bylaws adopted by the stockholders.

Sec. 2. And be it further enacted, That every devise and bequest
in favor of any former separate corporation which merged or con-
solidated after May 31, 1951, and up to the effective date of this Act,
which the corporation would have been capable of taking while a
separate corporation, is ratified and confirmed as having devolved
upon the new merged or consolidated corporation; and for this pur-
pose the new merged or consolidated corporation is regarded as sub-
stituted by operation of law in the place and stead of the said former
separate corporation.

SEC. 3. THE PROVISIONS OF THIS SUB-TITLE ARE SEV-
ERABLE, AND IF ANY OF ITS PROVISIONS SHALL BE HELD
UNCONSTITUTIONAL, VOID OR INVALID (OR FOR ANY REA-
SON UNENFORCEABLE) THE DECISION OF THE COURT
SHALL NOT AFFECT ANY OF THE REMAINING PROVISIONS
OF THIS SUB-TITLE.

Sec. 3. 4. And be it further enacted, That this Act shall take effect
June 1, 1961.

Approved May 3, 1961.

CHAPTER 811
(House Bill 111)
AN ACT to repeal Section 56 of Article 66½ of the Annotated Code

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.