BLAIR LEE III, Acting Governor

1335

the purpose of liquidating a specific asset may distribute
the net income derived from the exploitation of the wasting
asset OR FROM THE REAL PROPERTY, or the net proceeds derived
from the liquidation without making any deduction or
allowance for the depletion of the asset OR THE DEPRECIATION
OF THE REAL PROPERTY incidental to the lapse of tine,
consumption, WEAR, liquidation, or exploitation if:

(1)    Adequate provision is made for debts and
liabilities, other than stated capital, and for the
aggregate preferential amount payable in the event of
voluntary liquidation to the holders of stock which has
preferential rights; and

(2)    Notice that no deduction or allowance      has
been made for the depletion OR DEPRECIATION is given   not
later than the time of payment to stockholders receiving   the
dividend.

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

Approved May 2, 1978.

CHAPTER 278

(Senate Bill 931)

AN ACT concerning

Senatorial Scholarships - Summer School Use by
Graduating Seniors

FOR the purpose of allowing a graduating senior to use a
senatorial scholarship, under certain conditions, for
summer school prior to the semester of graduation; and
generally relating to the use of a senatorial
scholarship in summer school.

BY adding to

Article — Education
Section 18-406(c)
Annotated Code of Maryland

(As enacted by Chapter ____ of the Acts

of the General Assembly of 1978)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That section(s) of the Annotated Code of Maryland

(as enacted by Chapter ____ of the Acts of the General

Assembly of 1978) be repealed, amended, or enacted to read
as follows: