§ 2-306. Retirement of shares, other reductions
West's Annotated Code of MarylandCorporations and Associations
MD Code, Corporations and Associations, § 2-306
§ 2-306. Retirement of shares, other reductions
(a) Unless the charter provides otherwise, if stated capital is reduced by retiring stock held by the corporation, the board of directors may approve the reduction without stockholder action.
(b)(1) Except as provided in subsection (a) of this section or in § 2-605 of this title, a reduction of stated capital of a corporation, whether to be effected with or without a charter amendment, shall be approved in the manner provided in this subsection.
Credits
Added by Acts 1975, c. 311, § 2, eff. July 1, 1975. Amended by Acts 1980, c. 296; Acts 1999, c. 395, § 1, eff. Oct. 1, 1999.
Formerly Art. 23, § 34.
MD Code, Corporations and Associations, § 2-306, MD CORP & ASSNS § 2-306
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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