Md. Code, Corporations and Associations § 5-204
This is the official text of Md. Code, Corporations and Associations § 5-204, part of Maryland’s Code, Corporations and Associations — governs the formation and operation of corporations, LLCs, and partnerships.
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§5–204.
Official statutory text
(a) For purposes of any law or rule relating to members of a nonstock corporation, the directors of a nonstock corporation, under either of the circumstances described in subsection (b) of this section:
(1) Also constitute the members of the corporation; and
(2) When meeting as directors, may exercise the rights and powers of members.
(b) This section applies if:
(1) Neither the charter nor the bylaws of the corporation provide for members; or
(2) The nonstock corporation in fact has no members.
(1) Also constitute the members of the corporation; and
(2) When meeting as directors, may exercise the rights and powers of members.
(b) This section applies if:
(1) Neither the charter nor the bylaws of the corporation provide for members; or
(2) The nonstock corporation in fact has no members.
Status: in_force · Read it on the official government site
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