Maryland Statutes
Corporations and Associations
Title 4 - Close Corporations

Subtitle 1 - Definitions; General Provisions

Section 4-101 - Definitions - (a) In this title the following words have the meanings...

Section 4-102 - Execution of Documents - Notwithstanding any contrary provision of law, an individual who holds...

Subtitle 2 - Election to Be a Close Corporation

Section 4-201 - Statement of Election - (a) A corporation may elect to be a close corporation...

Section 4-202 - Required References to Close Corporation Status - (a) Clear reference to the fact that the corporation is...

Section 4-203 - Removal of Statement From Charter - The charter of a close corporation may be amended to...

Subtitle 3 - Board of Directors

Section 4-301 - At Least One Director Required Initially - A close corporation shall have at least one director until...

Section 4-302 - Election to Have No Board of Directors - (a) An election to have no board of directors becomes...

Section 4-303 - Effect of Election to Have No Board of Directors - If there is an election to have no board of...

Subtitle 4 - Stockholders

Section 4-401 - Unanimous Stockholders' Agreement - (a) Under a unanimous stockholders’ agreement, the stockholders of a...

Section 4-402 - Stockholders' Annual Meeting - (a) The bylaws of a close corporation shall provide for...

Section 4-403 - Stockholders' Right of Inspection - A stockholder of a close corporation or his agent may...

Section 4-404 - Statement of Affairs - (a) Once during each calendar year, each stockholder of a...

Subtitle 5 - Stock Restrictions

Section 4-501 - Restriction on Issuance or Sale of Stock - If there is any stock of a close corporation outstanding,...

Section 4-502 - Certain Securities and Stock Options Prohibited - A close corporation may not have outstanding any: (1) Securities...

Section 4-503 - Restrictions on Transfer of Stock - (a) (1) In this section, “transfer” means the transfer of...

Section 4-504 - Denial or Restriction of Voting Rights; Unanimous Stockholder Vote - (a) A close corporation may deny or restrict the voting...

Subtitle 6 - Termination of Existence

Section 4-601 - Consolidation, Merger, Share Exchange, or Transfer of Assets - A consolidation, merger, share exchange, or transfer of assets of...

Section 4-602 - Involuntary Dissolution - (a) Any stockholder of a close corporation may petition a...

Section 4-603 - Avoidance of Dissolution by Purchase of Petitioner's Stock - (a) Any one or more stockholders who desire to continue...