Maryland Code, CORPORATIONS AND ASSOCIATIONS 2-707
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Terms Used In Maryland Code, CORPORATIONS AND ASSOCIATIONS 2-707
- 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) Nothing in this subtitle may be construed to require that ratification of a defective corporate act under this subtitle be the exclusive means of ratifying or validating a defective corporate act or to limit the ability of a corporation to file certificates or charter documents in accordance with any other provision of this article.
(b) The absence or failure of ratification in accordance with this subtitle shall not, of itself, affect the validity or effectiveness of any corporate act otherwise lawfully ratified, nor may it create a presumption that any corporate act is or was a defective corporate act or void or voidable.