136                                LAWS OF MARYLAND                        [CH. 135

Service Corporations," be and it is hereby repealed and re-enacted,
with amendments, to read as follows:

62A.

(b) [Notwithstanding] Nothing in the limitations contained in
Section 72 of this article and/or any limitation or prohibition other-
wise imposed by any provision of State law exclusively relating to
banks shall prevent any two or more banks from investing not more
than 10 per centum of the paid-in and unimpaired capital and un-
impaired surplus of each of them in a bank service corporation.

If stock in a bank service corporation has been held by two banks,
and one of such banks ceases to utilize the services of the corporation
and ceases to hold stock in it, and leaves the other as the sole stock-
holding bank, the corporation may nevertheless continue to function
as such and the other bank may continue to hold stock in it.

Sec. 2. And be it further enacted, That this Act shall take effect
June 1, 1965.

Approved March 11, 1965.

CHAPTER 135
(House Bill 69)

AN ACT to repeal and re-enact, with amendments, Section 72 of
Article 23 of the Annotated Code of Maryland (1957 Edition), title
"Corporations", subtitle "Consolidation, Merger and Other Trans-
fers of Property", amending the law concerning the sale, lease, ex-
change, or other transfer of the property and assets of a corpora-
tion in order to correct a reference therein.

Section 1. Be it enacted by the General Assembly of Maryland,
That Section 72 of Article 23 of the Annotated Code of Maryland
(1957 Edition), title "Corporations", subtitle "Consolidation, Merger
and Other Transfers of Property", be and it is hereby repealed and re-
enacted, with amendments, to read as follows:

72.

Upon a sale, lease, exchange or other transfer of all or substantially
all the property and assets of a corporation of this State, in accord-
ance with this subtitle:

(1) The property, rights, privileges and franchises of the trans-
feror shall be transferred to, vested in and devolved upon the trans-
feree to the extent provided in the articles, 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 transferor by its officers holding office at the time
of such execution of such deed or instrument, or if the transferor is
no longer in existence, by the last acting officers thereof.