Ch. 627

1996 LAWS OF MARYLAND

SECTION 4. AND BE IT FURTHER ENACTED, That Section 2 of this Act shall
be applicable to all taxable years beginning after December 31, 1995, but before January
1, 2002; provided however, that:

(1)     The tax credits allowed under Section 2 of this Act shall be allowed only
for employees hired on or after June 1, 1995, but before July 1, 1998; and

(2)     Any excess credits may be carried forward and, subject to the limitations
of, may be applied as a credit for taxable years beginning on or after January 1, 2002.

SECTION 5. AND BE IT FURTHER ENACTED, That, subject to Section 4 of
this Act, Section 2 of this Act shall remain in effect for a period of 2 years and at the end
of June 30, 1998, with no further action required by the General Assembly, Section 2 of
this Act shall be abrogated and of no further force and effect.

SECTION 6. AND BE IT FURTHER ENACTED, That, subject to Sections 3
through 5 of this Act, this Act shall take effect July 1, 1996.

Approved May 23, 1996.

CHAPTER 627
(House Bill 635)

AN ACT concerning

Corporations - Issuance of Stock

FOR the purpose of altering the manner of authorizing the issuance of stock issuable
upon conversion of stock or other securities convertible into stock or upon exercise
of warrants or options exercisable for stock or convertible securities; and generally
relating to the issuance of stock of a corporation.

BY repealing and reenacting, with amendments,
Article - Corporations and Associations
Section 2-204

Annotated Code of Maryland
(1993 Replacement Volume and 1995 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Article - Corporations and Associations

2-204.

(a) A corporation may not issue stock or convertible securities in violation of a
limitation or restriction contained in its charter or bylaws.

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