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§ 2-202. Subscription agreement, revocability

West's Annotated Code of MarylandCorporations and AssociationsEffective: October 1, 2015

West's Annotated Code of Maryland
Corporations and Associations
Title 2. Corporations in General--Formation, Organization, and Operation (Refs & Annos)
Subtitle 2. Issuance of Securities
Effective: October 1, 2015
MD Code, Corporations and Associations, § 2-202
§ 2-202. Subscription agreement, revocability
Revocability
(a) A subscription for stock of a corporation which is not yet formed is irrevocable for a period of 3 months, unless:
(1) The subscription agreement provides otherwise; or
(2) Every subscriber consents to the revocation of the subscription.
Less than all of the authorized stock
(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.
Payment
(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.
Timing of rights
(d) Unless the subscription agreement provides otherwise, a subscriber has no voting or other rights with respect to the stock subscribed for until the stock is issued and fully paid.

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 May 9, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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