Ch. 356

1995 LAWS OF MARYLAND

(2) THE TIME ESTABLISHED UNDER THE ARTICLES, NOT TO EXCEED 30
DAYS AFTER THE ARTICLES ARE ACCEPTED FOR RECORD.

2-208.1.

(a)     (1) If the board of directors of a corporation registered as an open-end
company under the Investment Company Act of 1940 increases or decreases the
aggregate number of shares of stock or the number of shares of stock of any class that the
corporation has authority to issue in accordance with § 2-105(c) of this title, the board [,
before issuing any of the newly-authorized stock,] shall file articles supplementary for
record with the Department;

(2) THE BOARD MAY NOT ISSUE ANY OF THE NEWLY-AUTHORIZED
STOCK PRIOR TO THE TIME THE ARTICLES SUPPLEMENTARY ARE EFFECTIVE, AS
PROVIDED IN THIS SECTION.

(b)     Articles supplementary shall include:

(1)     Both as of immediately before the increase or decrease and as increased
or decreased:

(i) The total number of shares of stock of all classes that the
corporation has authority to issue;

(ii) The number of shares of stock of each class;

(iii) The par value of the shares of stock of each class or a statement
that the shares are without par value; and

(iv) If there are any shares of stock with par value, the aggregate par
value of all the shares of all classes;

(2)     A statement that the corporation is registered as an open-end company
under the Investment Company Act of 1940; and

(3)     A statement that the total number of shares of capital stock that the
corporation has authority to issue has been increased or decreased by the board of
directors in accordance with § 2-105(c) of this title.

(c)     Articles supplementary shall be executed in the manner required by Title 1 of
this article.

(D) ARTICLES SUPPLEMENTARY ARE EFFECTIVE AS OF THE LATER OF:

(1)     THE TIME THE DEPARTMENT ACCEPTS THE ARTICLES FOR RECORD;
OR

(2)     THE TIME ESTABLISHED UNDER THE ARTICLES, NOT TO EXCEED 30
DAYS AFTER THE ARTICLES ARE ACCEPTED FOR RECORD.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
October 1, 1995.

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