HARRY HUGHES, Governor

2267

3-202.

(c) Unless the transaction is governed by   § 3-602 of this

title or is exempted by § 3-603(b) of this title,     a stockholder

may not demand the fair value of his stock and  is bound by the
terms of the transaction if:

(1)  The stock is listed on a national securities
exchange:

(i) With respect to a merger under § 3-106 of
this title of a 90 percent or more owned subsidiary into its
parent, on the date notice is given or waived under § 3-106; or

(ii) With respect to any other transaction, on
the record date for determining stockholders entitled to vote on
the transaction objected to; or

(2)  The stock is that of the successor in a merger,
unless:

(i) The merger alters the contract rights of
the stock as expressly set forth in the charter, and the charter
does not reserve the right to do so; or

(ii) The stock is to be changed or converted in
whole or in part in the merger into something other than either
stock in the successor or cash, scrip, or other rights or
interests arising out of provisions for the treatment of
fractional shares of stock in the successor.

(3)  THE STOCK IS THAT OF AN OPEN-END INVESTMENT
COMPANY REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION
UNDER THE INVESTMENT COMPANY ACT OF 1940 AND THE VALUE PLACED ON
THE STOCK IN THE TRANSACTION IS ITS NET ASSET VALUE.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect July 1, 1985.

Approved May 21, 1985.

CHAPTER 364

(House Bill 824)

AN ACT concerning

Motor Maryland Vehicle Law - Judicial Review

FOR the purpose of requiring, under certain circumstances, the
certification of decisions to the Court of Appeals in