Marvin Mandel, Governor                          1667

PRIOR TO THE EFFECTIVE DATE HEREOF, IF SUCH PLAN
AS APPROVED BY THE HOLDERS OF THE MAJORITY OF
ALL OF THE OUTSTANDING STOCK ENTITLED TO VOTE
THEREON, OR AN AMENDMENT TO THE PLAN SO AP-
PROVED, PROVIDES FOR SUCH METHOD OF PAYMENT.
UNTIL FULL PAYMENT IS MADE IN CASH OF THE OBLI-
GATIONS FOR FUTURE PAYMENTS TO THE CORPORATION
IN RESPECT OF ANY SHARES OF STOCK ISSUED PUR-
SUANT TO THIS SUBSECTION, THE FACT THAT SUCH
FUTURE PAYMENTS ARE REQUIRED TO BE MADE SHALL
BE NOTED CONSPICUOUSLY ON THE FACE OR BACK OF
THE CERTIFICATE FOR SUCH SHARES AND THE CORPO-
RATION SHALL RETAIN PHYSICAL POSSESSION OF THE
CERTIFICATE.

27. Stock Certificates.

(d) Not to issue before payment.—No certificate shall be issued
for any share of stock until such share is full paid, except as pro-
vided in subsection (d) of Section 22.

62. Provisions Applicable to Both Directors and Officers—Liability.

(a) (4) Directors and officers of a corporation who make, vote
for or assent to the making of any loan to an officer or director
thereof, except as specifically provided for in subsection (d) of Sec-
tion 22, shall be jointly and severally liable to the corporation for the
amount of such loan until the repayment thereof; but this para-
graph shall not apply to loans made in the ordinary course of busi-
ness upon usual and customary terms by any association as defined
in Section 161B (a) of this article, by any corporation whose prin-
cipal business is to lend money, by any corporation receiving and
authorized to receive money on deposit, or by any insurance com-
pany if such loan is not prohibited by Article 48A, or to advances
made in good faith for expenses in connection with a proceeding as
to which the officer or director would, in the absence of an ultimate
adverse determination, be entitled to indemnification by the corpora-
tion pursuant to provisions made under the authority of Section 64
of this article.

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

Approved May 5, 1970

CHAPTER 575
(Senate Bill 232)

AN ACT to add new Section 259A to Article 27 of the Annotated
Code of Maryland, (1967 Replacement Volume), title "Crimes and
Punishments," subtitle "Crimes and Punishments," subheading
"Gaming," to follow immediately after Section 259 thereof, to au-
thorize the conduct of bingo in Calvert County, to provide for
regulation of bingo, the issuance of permits, fees and the loca-