26                                Laws of Maryland                         Ch. 26

of Maryland (1966 Replacement Volume and 1969 Supplement), title
"Corporations," subtitle "1. Stock Corporations," subheading "Capi-
tal Stock and Stockholders," be and they are hereby repealed and
re-enacted, with amendments, to read as follows:

40.

(a) The bylaws may provide for, or in the absence of such a
provision in the bylaws the board of directors may fix, in advance,
a date as the record date for the purpose of determining stockhold-
ers entitled to notice of, or to vote at, any meeting of stockholders,
or stockholders entitled to receive payment of any dividend or the
allotment of any rights, or in order to make a determination of
stockholders for any other proper purpose. Such date in any case
shall not be more than [forty] sixty days, and in case of a meeting
of stockholders, not less than ten days, prior to the date on which
the particular action, requiring such determination of stockholders,
is to be taken.

(c) If no record date is fixed and the stock transfer books are not
closed for the determination of stockholders:

(1)  The record date for the determination of stockholders en-
titled to notice of, or to vote at, a meeting of stockholders shall be
at the close of business on the day on which notice of the meeting
is mailed or the day thirty days before the meeting, whichever is
the closer date to the meeting; and

(2)  The record date for the determination of stockholders en-
titled to receive payment of a dividend or an allotment of any rights
shall be at the close of business on the day on which the resolution
of the board of directors, declaring the dividend or allotment of
rights, is adopted; provided that the payment or allotment date
shall not be more than [forty] sixty days after the date of the adop-
tion of such resolution.

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

Approved April 1, 1970

CHAPTER 26
(Senate Bill 537)

AN ACT to repeal and re-enact, with amendments, Section 20A
of the Code of Public Local Laws of Howard County (1965 Edi-
tion, 1967 Supplement, being Article 14 of the Code of Public
Local Laws of Maryland), title "Howard County," subtitle "Cir-
cuit Court," to provide for a change in the maximum salary per-
mitted to be paid to the law clerk of the Circuit Court for Howard
County.

Section 1. Be it enacted by the General Assembly of Maryland,
That Section 20A of the Code of Public Local Laws of Howard
County (1965 Edition, 1967 Supplement, being Article 14 of the