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§ 2-109. Organization meeting; bylaws

West's Annotated Code of MarylandCorporations and Associations

West's Annotated Code of Maryland
Corporations and Associations
Title 2. Corporations in General--Formation, Organization, and Operation (Refs & Annos)
Subtitle 1. Formation and Powers
MD Code, Corporations and Associations, § 2-109
§ 2-109. Organization meeting; bylaws
Currentness
Organization meeting
(a)(1) After the Department accepts the articles of incorporation for record, at the call of a majority of the directors named in the articles, the directors shall hold an organization meeting of the board of directors, to adopt bylaws, elect officers, and transact any other business which may come before the meeting.
(2) The directors who call the meeting shall notify each director in writing of the time and place of the meeting at least three days before it is held.
Post-meeting powers
(b) After the organization meeting of the board of directors, the power to adopt, alter, and repeal the bylaws of the corporation is vested in the stockholders except to the extent that the charter or bylaws vest it in the board of directors.

Credits

Added by Acts 1975, c. 311, § 2.
Formerly Art. 23, §§ 48, 55.
MD Code, Corporations and Associations, § 2-109, MD CORP & ASSNS § 2-109
Current through legislation effective through July 1, 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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