Terms Used In Maryland Code, CORPORATIONS AND ASSOCIATIONS 3-703

  • 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.
  • 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
Any person who proposes to make or who has made a control share acquisition may deliver an acquiring person statement to the corporation at the corporation’s principal office. The acquiring person statement shall set forth all of the following:

(1) The identity of the acquiring person and each other member of any group of which the person is a part for purposes of determining control shares;

(2) A statement that the acquiring person statement is given under this subtitle;

(3) The number of shares of the corporation owned (directly or indirectly) by the acquiring person and each other member of any group;

(4) The applicable range of voting power as set forth in § 3-701(e) of this subtitle; and

(5) If the control share acquisition has not occurred:

(i) A description in reasonable detail of the terms of the proposed control share acquisition; and

(ii) Representations of the acquiring person, together with a statement in reasonable detail of the facts on which they are based, that:

1. The proposed control share acquisition, if consummated, will not be contrary to law; and

2. The acquiring person has the financial capacity, through financing to be provided by the acquiring person and any additional specified sources of financing required under § 3-705 of this subtitle, to make the proposed control share acquisition.