Maryland Code, CORPORATIONS AND ASSOCIATIONS 1-402
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Terms Used In Maryland Code, CORPORATIONS AND ASSOCIATIONS 1-402
- 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 determination required or permitted to be made under any provision of this article relating to stated capital, surplus, capital surplus, earned surplus, or any other account or matter relating to the financial position or results of operations of a Maryland corporation is prima facie proper and in accordance with this article if:
(1) Specific provisions of this article do not require otherwise; and
(2) It is made in good faith in accordance with generally accepted accounting practices and principles.