Maryland Code, CORPORATIONS AND ASSOCIATIONS 4-302
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Maryland Code, CORPORATIONS AND ASSOCIATIONS 4-302
- 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) An election to have no board of directors becomes effective at the later of:
(1) The time that the organization meeting of directors and the issuance of at least one share of stock of the corporation are completed;
(2) The time the charter document in which the election is made becomes effective; or
(3) The time specified in the charter document in which the election is made.
(b) A director automatically ceases to be a director when an election to have no board of directors becomes effective.