Maryland Statutes
Subtitle 6 - Amendment or Restatement of Charter
Section 2-606.1 - Stock Authorized by Amendment Prohibited From Issuance Prior to Amendment Effective Date -- Stock Ceasing to Be Voidable -- Extinguishment of Certain Rights or Liabilities

(a)    A board may not issue any of the stock that is classified, reclassified, or newly authorized by an amendment before the time the amendment is effective, as provided in § 2–610.1 of this subtitle.
    (b)    Notwithstanding subsection (a) of this section:
        (1)    The stock issued by a corporation before the time the amendment with respect to the stock is effective shall cease to be voidable as a result of the failure to file articles of amendment or articles of amendment and restatement at the time the amendment becomes effective; and
        (2)    A right or liability accrued by reason of the issuance of the stock by a corporation before the time the amendment becomes effective shall be extinguished at the time the amendment becomes effective, except to the extent that the person having the right or liability has acted detrimentally in reliance on the right or liability solely by reason of the issuance of the stock.

Structure Maryland Statutes