§ 5-113. Death, disqualification or transfer; acquisition of stock
West's Annotated Code of MarylandCorporations and Associations
MD Code, Corporations and Associations, § 5-113
§ 5-113. Death, disqualification or transfer; acquisition of stock
(a) A professional corporation shall acquire, or cause to be acquired by a qualified person, the stock of a stockholder, at a price that represents the fair value of the stock as of the date of death or disqualification of the stockholder or transfer of the stock if:
(b)(1) If the price for stock is determinable in accordance with the articles of incorporation or bylaws of the corporation, or by private agreement, that price controls.
(c) This section does not require the acquisition of stock in the event of disqualification if the disqualification lasts less than 5 months from the date the disqualification or transfer occurs.
(d) This section and § 5-114 of this subtitle do not prevent or relieve a professional corporation from paying pension benefits or other deferred compensation to a former stockholder if otherwise permitted by law, including amounts payable pursuant to an agreement between a judge and his former law firm as provided in § 1-203 of the Courts Article.
Credits
Added by Acts 1993, c. 413, § 2.
MD Code, Corporations and Associations, § 5-113, MD CORP & ASSNS § 5-113
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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