Maryland Code, CORPORATIONS AND ASSOCIATIONS 2-413
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Terms Used In Maryland Code, CORPORATIONS AND ASSOCIATIONS 2-413
- Contract: A legal written agreement that becomes binding when signed.
- 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) Unless the bylaws provide otherwise, the board of directors shall elect the officers.
(b) Unless the bylaws provide otherwise, an officer serves for one year and until his successor is elected and qualifies.
(c) (1) The board of directors may remove any officer or agent of the corporation.
(2) The removal of an officer or agent does not prejudice any of his contract rights.
(d) Unless the bylaws provide otherwise, the board of directors may fill a vacancy which occurs in any office.