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§ 2-205. Stockholders' preemptive rights

West's Annotated Code of MarylandCorporations and AssociationsEffective: June 1, 2008

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: June 1, 2008
MD Code, Corporations and Associations, § 2-205
§ 2-205. Stockholders' preemptive rights
After October 1, 1995
(a) For a corporation incorporated on or after October 1, 1995, unless the charter expressly grants such rights to the stockholder, a stockholder does not have any preemptive right to subscribe to:
(1) Any additional issue of stock; or
(2) Any security convertible into an additional issue of stock.
Before October 1, 1995
(b) For a corporation incorporated before October 1, 1995, a stockholder shall have preemptive rights as and to the extent in existence before October 1, 1995, unless and until expressly changed or terminated by charter amendment.
Waiver
(c)(1) A stockholder to whom a preemptive right has been granted may waive the preemptive right.
(2) A written waiver of a preemptive right is irrevocable even though it is not supported by consideration.

Credits

Added by Acts 1975, c. 311, § 2, eff. July 1, 1975. Amended by Acts 1995, c. 449, § 1, eff. Oct. 1, 1995; Acts 2008, c. 292, § 1, eff. June 1, 2008.
Formerly Art. 23, § 30.
MD Code, Corporations and Associations, § 2-205, MD CORP & ASSNS § 2-205
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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