Maryland Code, CORPORATIONS AND ASSOCIATIONS 5-117
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Maryland Code, CORPORATIONS AND ASSOCIATIONS 5-117
- 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.
(a) A majority of the directors and all of the officers of a professional corporation, except the secretary and treasurer, must be qualified persons with respect to the corporation.
(b) Whether or not organized as a close corporation under Title 4 of this article:
(1) The number of directors in a professional corporation may be less than 3;
(2) The officers of a professional corporation may be limited to president, treasurer, and secretary and an individual may hold more than one office; and
(3) Notwithstanding any other provision of law, an individual who holds more than one office in a professional corporation may act in more than one capacity to execute, acknowledge, or verify any instrument required to be executed, acknowledged, or verified by more than one officer.