Home Table of Contents

§ 5-117. Qualified persons as directors and officers

West's Annotated Code of MarylandCorporations and Associations

West's Annotated Code of Maryland
Corporations and Associations
Title 5. Special Types of Corporations (Refs & Annos)
Subtitle 1. Professional Service Corporations
MD Code, Corporations and Associations, § 5-117
§ 5-117. Qualified persons as directors and officers
Currentness
In general
(a) A majority of the directors and all of the officers of a professional corporation, except the secretary and treasurer, must be qualified persons with respect to the corporation.
Number of directors and officers
(b) Whether or not organized as a close corporation under Title 4 of this article:
(1) The number of directors in a professional corporation may be less than 3;
(2) The officers of a professional corporation may be limited to president, treasurer, and secretary and an individual may hold more than one office; and
(3) Notwithstanding any other provision of law, an individual who holds more than one office in a professional corporation may act in more than one capacity to execute, acknowledge, or verify any instrument required to be executed, acknowledged, or verified by more than one officer.

Credits

Added by Acts 1993, c. 413, § 2.
MD Code, Corporations and Associations, § 5-117, MD CORP & ASSNS § 5-117
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.
End of Document