Maryland Code, CORPORATIONS AND ASSOCIATIONS 4-502
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Terms Used In Maryland Code, CORPORATIONS AND ASSOCIATIONS 4-502
- 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 close corporation may not have outstanding any:
(1) Securities which are convertible into its stock;
(2) Voting securities other than stock; or
(3) Options, warrants, or other rights to subscribe for or purchase any of its stock, unless they are nontransferable.