Maryland Code, CORPORATIONS AND ASSOCIATIONS 4-501
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Terms Used In Maryland Code, CORPORATIONS AND ASSOCIATIONS 4-501
If there is any stock of a close corporation outstanding, the corporation may not issue or sell any of its stock, including treasury stock, unless the issuance or sale is:
(1) Approved by the affirmative vote of the holders of all outstanding stock; or
(2) Permitted by a unanimous stockholders’ agreement.