Maryland Code, CORPORATIONS AND ASSOCIATIONS 2-111
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Terms Used In Maryland Code, CORPORATIONS AND ASSOCIATIONS 2-111
- 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 corporation shall maintain, or cause to be maintained on its behalf, correct and complete:
(1) Books and records of its accounts and transactions; and
(2) Minutes of the proceedings of its stockholders and board of directors and of any executive or other committee when exercising any of the powers of the board of directors.
(b) (1) The books and records of a corporation may be in written form or in any other form that complies with § 2-114 of this subtitle.
(2) Minutes shall be recorded in written form but may be maintained in the form of a reproduction or in any other form that complies with § 2-114 of this subtitle.