HARRY HUGHES, Governor                                      1927

(A)  (1) IN THIS SECTION, THE FOLLOWING WORDS HAVE THE
MEANINGS INDICATED.

(2)  "AGGREGATE PAR VALUE OF CAPITAL STOCK" MEANS THE
SUM OF THE TOTAL PAR VALUE OF ALL CLASSES OF STOCK.

(3)  "CORPORATION" INCLUDES:

(I) AN ASSOCIATION; OR

(II) A JOINT STOCK COMPANY.

(4)  "TOTAL PAR VALUE OF A CLASS OF CAPITAL STOCK"
MEANS:

(I)  FOR A CLASS OF CAPITAL STOCK HAVING PAR
VALUE, THE PAR VALUE PER SHARE OF STOCK IN THE CLASS TIMES THE
NUMBER OF AUTHORIZED SHARES IN THE CLASS; OR

(II)  FOR A CLASS OF CAPITAL STOCK NOT HAVING
PAR VALUE, $20 TIMES THE NUMBER OF AUTHORIZED SHARES IN THE
CLASS.

(B)  THERE IS AN ORGANIZATION AND CAPITALIZATION FEE IMPOSED
ON:

(1.) THE AGGREGATE PAR VALUE OF CAPITAL STOCK OF A
MARYLAND CORPORATION THAT INCORPORATES;

(2)  AN INCREASE OF THE AGGREGATE PAR VALUE OF CAPITAL
STOCK OF A MARYLAND CORPORATION;

(3)  A CONSOLIDATION OF CORPORATIONS THAT RESULTS IN A
MARYLAND SUCCESSOR CORPORATION THAT HAS AN AGGREGATE PAR VALUE OF
CAPITAL STOCK THAT EXCEEDS THE AGGREGATE PAR VALUE OF THE
CONSOLIDATING CORPORATIONS;

(4)  A MERGER OF CORPORATIONS IF THE SUCCESSOR
CORPORATION HAS AN AGGREGATE PAR VALUE THAT EXCEEDS THE AGGREGATE
PAR VALUE OF CAPITAL STOCK OF THE MERGING CORPORATIONS; OR

(5)  THE INCORPORATION OF:

(I)  A MARYLAND CORPORATION THAT DOES NOT HAVE
ANY CAPITAL STOCK;

(II)  A SAVINGS AND LOAN ASSOCIATION; OR

(III)  A CREDIT UNION.

(C)  (1) EXCEPT AS OTHERWISE PROVIDED IN THIS SECTION, THE
ORGANIZATION AND CAPITALIZATION FEE IS AS PROVIDED IN THE
FOLLOWING SCHEDULE:

AGGREGATE PAR VALUE OF

FEE