Marvin Mandel, Governor                        1665

AND OTHER PERSONAL PROPERTY OWNED BY OR IN THE
CUSTODY, AS OF JUNE 30, 1970, OF THE TRI-COUNTY COUN-
CIL ABOLISHED BY THIS ACT, SHALL BE TRANSFERRED
TO AND BE IN THE OWNERSHIP OR CUSTODY OF THE TRI-
COUNTY COUNCIL FOR CALVERT, CHARLES AND ST.
MARY'S COUNTIES CREATED IN THIS ACT.

SEC. 3. AND BE IT FURTHER ENACTED, THAT ALL AP-
PROPRIATIONS AND CREDITS ON ANY BOOKS, PAPERS,
AND ACCOUNTS, AS OF JUNE 30, 1970, FOR AND TO THE
CREDIT OF THE TRI-COUNTY COUNCIL ABOLISHED BY
THIS ACT, AND ALL LIABILITIES AND OBLIGATIONS AS OF
JUNE 30, 1970, OF THE TRI-COUNTY COUNCIL ABOLISHED
BY THIS ACT, SHALL BE TRANSFERRED TO AND BECOME
THE APPROPRIATIONS, CREDITS, LIABILITIES, AND OBLI-
GATIONS OF THE TRI-COUNTY COUNCIL HEREIN CREATED.

Sec. 2 4. And be it further enacted, That this Act shall take
effect July 1, 1970.

Approved May 5, 1970

CHAPTER 574                                       ;

(Senate Bill 836)

AN ACT to repeal and re-enact, with amendments, Sections 22,
27 (d), and 62 (a) of Article 23 of the Annotated Code of Mary-
land, (1966 Replacement Volume and 1969 Supplement), title
"Corporations," subtitle "Stock Corporations," subheadings "Capi-
tal Stock and Stockholders," and "Directors and Officers," respec-
tively, to provide for the creation and issuance of rights or options
to directors, officers and employees of a corporation, subject to
stockholder approval, for the purchase of shares of stock of the
corporation and for the method of payment therefor, to provide
for restrictions to be placed on the stock certificates issued there-
under, and to restrict the liability of directors as a result thereof.

Section 1. Be it enacted by the General Assembly of Maryland,
That Sections 22, 27 (d), and 62 (a) of Article 23 of the Annotated
Code of Maryland, (1966 Replacement Volume and 1969 Supple-
ment), title "Corporations," subtitle "Stock Corporations," subhead-
ings "Capital Stock and Stockholders," and "Directors and Officers,"
respectively, be and they are hereby repealed and re-enacted, with
amendments, to read as follows:

22.

Payment for Stock and Convertible Securities.

(a) Payment with money, other property, labor or other services.
—The consideration for the issuance of shares of stock or converti-
ble securities, or the consideration for the issuance of warrants or
options purporting to confer or evidence rights to subscribe to or
otherwise acquire any such shares of stock or convertible securities,