2618

LAWS OF MARYLAND

[Ch. 547

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Volume and 1974 Supplement) be and it is hereby repealed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

29.

Any corporation of this State [operating a radio
station under license from the federal government and any
corporation of this State controlling directly or
indirectly any corporation, joint—stock company or
association which operates such a radio station may, by
its bylaws, restrict or limit the transferability to and
ownership by aliens of shares of its stock, whether
issued or to be issued, and the right of aliens to vote
the same; and any such restriction or limitation or a
summary thereof need be stated only on certificates for
such shares issued after the adoption of such bylaws]
WHICH CONDUCTS ITS BUSINESS OR ANY PORTION OF ITS
BUSINESS UNDER A LICENSE OR GRANT OF AUTHORITY ISSUED
PURSUANT TO A STATUTE OR REGULATION OF THE UNITED STATES
GOVERNMENT, OR ANY AGENCY OF THE UNITED STATES
GOVERNMENT, OR OF THIS STATE OR OF ANY AGENCY OF THIS
STATE WHICH PROVIDES THAT THE LICENSE OR GRANT OF
AUTHORITY MAY NOT BE GRANTED TO OR HELD BY, OR THE
BUSINESS MAY NOT BE CONDUCTED BY, A CORPORATION OF WHICH
MORE THAN A SPECIFIED PERCENTAGE OF THE CAPITAL STOCK OR
VOTING INTERESTS IS OWNED OF RECORD OR CONTROLLED BY
ALIENS, OR WHICH PERMITS AN AGENCY TO RESTRICT, LIMIT OR
REVOKE SUCH A LICENSE OR GRANT OF AUTHORITY OR THE RIGHT
TO CONDUCT THE BUSINESS IN SUCH CIRCUMSTANCES, OR ANY
CORPORATION OF THIS STATE CONTROLLING DIRECTLY OR
INDIRECTLY ANY CORPORATION, JOINT-STOCK COMPANY OR
ASSOCIATION WHICH CONDUCTS ITS BUSINESS OR ANY PORTION OF
ITS BUSINESS UNDER THE LICENSE OR GRANT OF AUTHORITY,
MAY, BY ITS BYLAWS, RESTRICT OR LIMIT THE TRANSFERABILITY
TO, OWNERSHIP BY, OR VOTING RIGHTS OF SHARES OF ITS
STOCK, WHETHER ISSUED OR TO BE ISSUED IN THE HANDS OF
ALIENS. ANY REQUIREMENTS OF ARTICLE 95B, §8-204 AND OF
SECTION 27(C) OF THIS ARTICLE WITH RESPECT TO LIMITATIONS
OR RESTRICTIONS NEED ONLY BE COMPLIED WITH AS TO
CERTIFICATES FOR SHARES ISSUED AFTER THE ADOPTION OF SUCH
BYLAWS. The word "aliens" as used in this section
includes the following and their representatives; an
alien, a foreign government, a corporation, joint—stock
company or association organized under the laws of a
foreign country and any other corporation, joint—stock
company or association controlled directly or indirectly
by one or more aliens.

SECTION 2. AND BE IT FURTHER ENACTED, That Section
5—703(b) of Article — Corporations and Associations, of