§ 2-202. Subscription agreement, revocability
West's Annotated Code of MarylandCorporations and AssociationsEffective: October 1, 2015
Effective: October 1, 2015
MD Code, Corporations and Associations, § 2-202
§ 2-202. Subscription agreement, revocability
(a) A subscription for stock of a corporation which is not yet formed is irrevocable for a period of 3 months, unless:
(b) Unless the subscription agreement provides otherwise, a subscription is not void or unenforceable solely because less than all of the authorized stock is subscribed for.
(c) Unless the subscription agreement provides otherwise, a subscription for stock, whether made before or after the corporation is formed, shall be paid in full or in installments at the times set by the board of directors.
Credits
Added by Acts 1975, c. 311, § 2, eff. July 1, 1975. Amended by Acts 2008, c. 292, § 1, eff. June 1, 2008; Acts 2015, c. 256, § 1, eff. Oct. 1, 2015.
Formerly Art. 23, § 19.
MD Code, Corporations and Associations, § 2-202, MD CORP & ASSNS § 2-202
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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