Terms Used In Maryland Code, COURTS AND JUDICIAL PROCEEDINGS 5-417

  • 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) In this section, “act” has the meaning stated in § 2-405.1 of the Corporations and Associations Article.

(b) A present or former director of a corporation who while a director acts or acted in accordance with the standard of conduct provided in § 2-405.1 of the Corporations and Associations Article has no liability in any action based on an act of the director.