MARVIN MANDEL, Governor

2619

the Annotated Code of Maryland (As enacted by Chapter

____ (SB 330) of the Acts of the 1975 General Assembly)

be and it is hereby repealed.

SECTION 3. AND BE IT FURTHER ENACTED, That new
Section 5—703(b) be and it is hereby added to Article -
Corporations and Associations, of the Annotated Code of

Maryland (As enacted by Chapter ____ (SB 330) of the Acts

of the 1975 General Assembly) to read as follows:

Article — Corporations and Associations

5-703.

(B) ANY MARYLAND CORPORATION WHICH CONDUCTS
BUSINESS UNDER A LICENSE OR GRANT OF AUTHORITY ISSUED
PURSUANT TO A STATUTE OR REGULATION OF THE UNITED STATES
GOVERNMENT [[OR AGENCY OR OF THIS STATE OR AGENCY,
WHICH]] ,THIS STATE. OR ANY AGENCY OF EITHER, WHICH
STATUTE OR REGULATION 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 LICENSE OR GRANT OF AUTHORITY PERMITS AN
AGENCY TO RESTRICT, LIMIT OR REVOKE THE LICENSE OR GRANT
OF AUTHORITY OR THE RIGHT TO CONDUCT THE BUSINESS IN SUCH
CIRCUMSTANCES, OR ANY MARYLAND 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[[.]] TO THE EXTENT APPROPRIATE TO COMPLY WITH THE
APPLICABLE STATUTE OR REGULATION. ANY REQUIREMENTS OF
[[ARTICLE 95B,]] §8-204 OF THE COMMERCIAL LAW ARTICLE OF
THE COPE AND OF SECTION 2-211 OF THIS ARTICLE WITH
RESPECT TO LIMITATIONS OR RESTRICTIONS NEED ONLY BE
COMPLIED WITH AS TO CERTIFICATES FOR SUCH SHARES ISSUED
AFTER THE ADOPTION OF SUCH BYLAWS.

SECTION 4. AND BE IT FURTHER ENACTED, That Section
1 of this Act is hereby declared to be an emergency
measure and necessary for the immediate preservation of
the public health and safety and having been passed by a
yea and nay vote supported by three—fifths of all the
members elected to each of the two Houses of the General
Assembly, the same shall take effect from the date of its
passage.