Maryland Code, CORPORATIONS AND ASSOCIATIONS 4-202
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Maryland Code, CORPORATIONS AND ASSOCIATIONS 4-202
- 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) Clear reference to the fact that the corporation is a close corporation shall appear prominently:
(1) At the head of the charter document in which the election to be a close corporation is made;
(2) In each subsequent charter document of the corporation; and
(3) On each certificate representing outstanding stock of the corporation.
(b) The status of a corporation as a close corporation is not affected by the failure of any charter document or stock certificate to contain the reference required by this section.