Maryland Code, CORPORATIONS AND ASSOCIATIONS 2-612
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Maryland Code, CORPORATIONS AND ASSOCIATIONS 2-612
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- 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) A proposed amendment to the charter of a corporation may be abandoned before the effective date of the articles by majority vote of the entire board of directors of the corporation.
(b) If the articles have been filed with the Department, notice of abandonment shall be given promptly to the Department.
(c) If the proposed amendment to the charter is abandoned as provided in this section, the articles and the amendment have no effect.