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LAWS OF MARYLAND Ch. 276

(b) As set by the bylaws or the board of directors:

(1) [The] EXCEPT AS OTHERWISE PROVIDED IN THIS
SECTION, THE record date may not be more than 60 days before
the date on which the action requiring the determination
will be taken.

(D) A MEETING OF STOCKHOLDERS CONVENED ON THE DATE
FOR WHICH IT WAS CALLED MAY BE ADJOURNED FROM TIME TO TIME
WITHOUT FURTHER NOTICE TO A DATE NOT MORE THAN 120 DAYS
AFTER THE ORIGINAL RECORD DATE.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1978.

Approved May 2, 1978.

CHAPTER 277

(Senate Bill 918)

AN ACT concerning

Corporations - Dividends

FOR the purpose of permitting a corporation substantially
engaged in the development and ownership of real
property in certain circumstances to distribute the net
income derived from the real property without making
any deduction or allowance for depreciation relating to
the real property; and relating generally to
corporation dividends.

BY repealing and reenacting, with amendments,

Article - Corporations and Associations

Section 2-309(f)

Annotated Code of Maryland

(1975 Volume and 1977 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That section(s) of the Annotated Code of Maryland
be repealed, amended, or enacted to read as follows:

Article - Corporations and Associations

2-30 9.

(f) A corporation which is substantially engaged in
the exploitation of any mine, timber, oil well, gas well,
patent, or other wasting asset, OR IN THE DEVELOPMENT AND
OWNERSHIP OF REAL PROPERTY, or organized substantially for