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Unannotated Code of Maryland (Last Updated: May 16, 2014) |
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CORPORATIONS AND ASSOCIATIONS |
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TITLE 2. CORPORATIONS IN GENERAL -- FORMATION, ORGANIZATION, AND OPERATION |
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SUBTITLE 6. AMENDMENT OR RESTATEMENT OF CHARTER |
§ 2-603. Charter amendment -- No stock outstanding or subscribed for
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(a) General rule. -- If there is no stock outstanding or subscribed for entitled to be voted on the charter amendment, it shall be approved as provided in this section.
(b) Approval before organization meeting. --
(1) If the amendment is made before the organization meeting of the board of directors, every incorporator shall execute and file amended articles of incorporation in the same form required by Subtitle 1 of this title for original articles of incorporation.
(2) When the Department accepts amended articles of incorporation for record, they take the place of the original articles.
(c) Approval at or after organization meeting. -- If the amendment is made at or after the organization meeting of the board of directors, it shall be approved by a majority of the entire board of directors.