Maryland Code, CORPORATIONS AND ASSOCIATIONS 2-110
Terms Used In Maryland Code, CORPORATIONS AND ASSOCIATIONS 2-110
- 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.
- Dependent: A person dependent for support upon another.
- including: means includes or including by way of illustration and not by way of limitation. See
- Person: includes an individual, receiver, trustee, guardian, personal representative, fiduciary, representative of any kind, corporation, partnership, business trust, statutory trust, limited liability company, firm, association, or other nongovernmental entity. See
(b) The bylaws may divide the directors of the corporation into classes and specify the term of office of each class.
(c) (1) In this subsection, “facts ascertainable outside the bylaws” include:
(i) An action or determination by any person, including the corporation, its board of directors, an officer or agent of the corporation, and any other person affiliated with the corporation;
(ii) Any agreement or other document; or
(iii) Any other event.
(2) Any provision of the bylaws permitted under subsection (a) of this section may be made dependent upon facts ascertainable outside the bylaws.