HARRY HUGHES, Governor

891

AN ACT concerning

Corporations - Stock and Assets

FOR the purpose of providing that corporate stock and assets
may be exchanged for, converted into, or transferred in
consideration for any one or more of certain types of
property.

BY repealing and reenacting, with amendments,

Article - Corporations and Associations

Section 3-103

Annotated Code of Maryland

(1975 Volume and 1979 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be repealed, amended, or enacted to read as follows: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

3-103.

In a consolidation, merger, or share exchange, stock in
a corporation may be exchanged for or converted into and, in
a transfer of assets, assets may be transferred in
consideration of any [combination] ONE OR MORE of the
following:

(1)  Stock, evidence of indebtedness, or other
securities of the successor or any other corporation or
entity, whether or not a party to the transaction;

(2)  Other tangible or intangible property;

(3)  Money; and

(4)  Any other consideration.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1980.

Approved April 22, 1980.

CHAPTER 133
(Senate Bill 237)
AN ACT concerning