Md. Code, Corporations and Associations § 4-201
This is the official text of Md. Code, Corporations and Associations § 4-201, part of Maryland’s Code, Corporations and Associations — governs the formation and operation of corporations, LLCs, and partnerships.
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§4–201.
Official statutory text
(a) A corporation may elect to be a close corporation under this title by including in its charter a statement that it is a close corporation.
(b) The statement that a corporation is a close corporation shall be:
(1) Contained in the articles of incorporation originally filed with the Department; or
(2) Added to the charter by an amendment which is approved:
(i) Under the provisions of § 2-603 of this article, if at the time of the adoption of the amendment no stock of the corporation is either outstanding or subscribed for; or
(ii) By the affirmative vote of every stockholder and every subscriber for stock of the corporation.
(b) The statement that a corporation is a close corporation shall be:
(1) Contained in the articles of incorporation originally filed with the Department; or
(2) Added to the charter by an amendment which is approved:
(i) Under the provisions of § 2-603 of this article, if at the time of the adoption of the amendment no stock of the corporation is either outstanding or subscribed for; or
(ii) By the affirmative vote of every stockholder and every subscriber for stock of the corporation.
Status: in_force · Read it on the official government site
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