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§ 4-302. No board, effective time of election

West's Annotated Code of MarylandCorporations and Associations

West's Annotated Code of Maryland
Corporations and Associations
Title 4. Close Corporations (Refs & Annos)
Subtitle 3. Board of Directors
MD Code, Corporations and Associations, § 4-302
§ 4-302. No board, effective time of election
Currentness
Effective time
(a) An election to have no board of directors becomes effective at the later of:
(1) The time that the organization meeting of directors and the issuance of at least one share of stock of the corporation are completed;
(2) The time the charter document in which the election is made becomes effective; or
(3) The time specified in the charter document in which the election is made.
Effect on director
(b) A director automatically ceases to be a director when an election to have no board of directors becomes effective.

Credits

Added by Acts 1975, c. 311, § 2, eff. July 1, 1975.
Formerly Art. 23, § 105.
MD Code, Corporations and Associations, § 4-302, MD CORP & ASSNS § 4-302
Current through legislation effective through April 25, 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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