§ 4–302

Statutes in effect as of October 1, 2026.

Md. Code Ann., Corps. & Ass'ns § 4-302 (2026)

Title 4. Close Corporations

Subtitle 3. Board of Directors

(a)

An election to have no board of directors becomes effective at the later of:

(1)

The time that the organization meeting of directors and the issuance of at least one share of stock of the corporation are completed;

(2)

The time the charter document in which the election is made becomes effective; or

(3)

The time specified in the charter document in which the election is made.

(b)

A director automatically ceases to be a director when an election to have no board of directors becomes effective.