§ 5-205. Reduction of membership
West's Annotated Code of MarylandCorporations and Associations
MD Code, Corporations and Associations, § 5-205
§ 5-205. Reduction of membership
Fewer members than required
(a) A nonstock corporation is not required to dissolve merely because the death or resignation of a member reduces the actual number of members to less than required by its charter or bylaws.
Remaining members
(b) As long as there is a remaining member, he may fill vacancies and continue the corporate existence.
Credits
Added by Acts 1975, c. 311, § 2, eff. July 1, 1975.
Formerly Art. 23, § 134.
MD Code, Corporations and Associations, § 5-205, MD CORP & ASSNS § 5-205
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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