# Corporations and Associations (GCA)

## Title 4. Close Corporations

### Subtitle 3. Board of Directors

#### Section 4-302

(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.

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Md. Code Ann., Corps. & Ass'ns (as displayed at mgaleg.maryland.gov, October 16, 2026)