§ 1-403. Lack of corporate power
West's Annotated Code of MarylandCorporations and Associations
MD Code, Corporations and Associations, § 1-403
§ 1-403. Lack of corporate power
(a) Unless a lack of power or capacity is asserted in a proceeding described in this section, an act of a corporation or a transfer of real or personal property by or to the corporation is not invalid or unenforceable solely because the corporation lacked the power or capacity to take the action.
(b)(1) Lack of corporate power or capacity may be asserted by a stockholder in a proceeding to enjoin the corporation from doing an act or from transferring or acquiring real or personal property.
(c) Lack of corporate power or capacity may be asserted by the corporation in a suit brought in its name by the corporation or its receiver, trustee, other legal representative, or in a representative suit brought by a stockholder against its present or former officers or directors.
Credits
Added by Acts 1975, c. 311, § 2, eff. July 1, 1975.
Formerly Art. 23, § 124.
MD Code, Corporations and Associations, § 1-403, MD CORP & ASSNS § 1-403
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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