Maryland Code, CORPORATIONS AND ASSOCIATIONS 2-403
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Terms Used In Maryland Code, CORPORATIONS AND ASSOCIATIONS 2-403
- 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) Each director and each nominee for director of a corporation shall have the qualifications required by the charter or bylaws of the corporation.
(b) Unless required by its charter or bylaws, a director need not be a stockholder in the corporation.