Maryland Code, CORPORATIONS AND ASSOCIATIONS 5-110
Current as of: 2023 | Check for updates
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Terms Used In Maryland Code, CORPORATIONS AND ASSOCIATIONS 5-110
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
The following statement must appear in conspicuous type on each stock certificate issued by a professional corporation:
“The transfer of stock of a professional corporation is restricted by the Maryland Professional Service Corporation Act and is subject to further restriction imposed from time to time by the licensing unit. Stock of a professional corporation is also subject to a statutory compulsory repurchase obligation.”