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MARVIN MANDEL, Governor 2405
11-409(a), 11-901(d), and 11-906 of Article
Corporations and Associations, of the Annotated Code of
Maryland (1975 Volume and 1976 Supplement) be and they
are hereby repealed and reenacted, with amendments, to
read as follows:
Article — Corporations and Associations
3-412.
(b) After the expiration of the time specified in
the notice, the [ directors-trustees] DIRECTOR-TRUSTEES or
receiver may distribute to each stockholder who has
proved his interest his proportionate share of the
assets, reserving the shares of those who have not proved
their interests. Thereafter, the director-trustees or
receiver may incur reasonable expenses in locating the
remaining stockholders and securing proof of interests
from them and may charge the expenses against the funds
undistributed at the time the expenses are incurred.
From time to time the director-trustees or receiver may
distribute a proportionate share to any stockholder who
has proved his interest since the prior distribution.
4-303.
If there is an election to have no board of
directors:
(7) The special liabilities imposed on
directors [by §] BY § 2-315(b), (c), and (d) of this
article and the provisions of §§2-315(e) and (f) and
2-410 of this article applying to the stockholders of the
corporation and, for this purpose, "present" in §2—410 of
this article means present in person or by proxy; and
8-203.
(a) (4) (i) A summary of the information
required by [subsection (3) of this section] PARAGRAPH
(3) OF THIS SUBSECTION, as included in a registration
statement permitted to become effective under the federal
Securities Act of 1933, is an acceptable summary for the
purposes of this section.
(ii) Instead of a full statement or
summary, the certificate may state that the real estate
investment trust will furnish a full statement of the
information required by [subsection (3) of this section]
PARAGRAPH (3) OF THIS SUBSECTION to any holder of shares
on request and without charge.
11-409.
(a) Any broker-dealer registered in this State
shall have and maintain a net capital of not less than
$15,000, and a broker-dealer registered in this State,
other than one who deals exclusively in securities exempt
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