1362

LAWS OF MARYLAND

[Ch. 268

[[SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY
OF MARYLAND, That Section 66(g) (2) of Article 23 -
Corporations, of the Annotated Code of Maryland (1973
Replacement Volume and 1974 Supplement) be and it is
hereby repealed and re—enacted, with amendments, to read
as follows:

Article 23 - Corporations

66.

(g) (2) In order to maintain the currency of the
land assessment records in the several counties, the
Department [may] SHALL require that there be submitted
with the articles of consolidation, merger, or transfer a
certificate for each county in which is located property
owned by any consolidating, merging, or transferor
corporations, other than the corporation surviving the
merger, the title to which property could be affected by
the recording of an instrument among the land records,
the certificate to provide a deed reference or other
description sufficient to identify the property AND ITS
FULL VALUE[; and the]. FOR THE PURPOSES OF THIS
SUBSECTION, FULL VALUE SHALL MEAN CURRENT MARKET VALUE
WITHOUT ANY REDUCTION OF VALUE FOR AN INFLATION ALLOWANCE
OR ANY OTHER KIND OF REDUCTION OTHERWISE ALLOWED BY LAW.
THE Department shall indicate on the certificate the time
of acceptance of the articles and send one copy of the
certificate to the chief assessor of each county in which
the property is located; provided, however, that
transfer, vesting or devolution of title to the property
shall not be invalidated or otherwise affected by any
error or defect in the certificate or failure to file it
or failure of the Department to act upon it, and provided
further, that no certificate shall be required with
respect to any property in which the only interest owned
by the consolidating, merging, or transferor corporation
is a security interest. The certificate shall be in
such form and number of copies as the Department may
prescribe, and the certificate of the Department required
by paragraph (1) of this subsection may be incorporated
therein or stamped or inserted thereon.]]

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That Sections 3-112(a) and 3-112(d) of the
Corporations and Associations Article. Annotated Code of

Maryland (as enacted by Chapter_____(SB 330) of the Acts

of the General Assembly of 1975) be and they are hereby
repealed and re—enacted, with amendments, to read as
follows: