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§ 2-706. Action by entity or individual substantially and adversely affected by a ratification

West's Annotated Code of MarylandCorporations and AssociationsEffective: October 1, 2022

West's Annotated Code of Maryland
Corporations and Associations
Title 2. Corporations in General--Formation, Organization, and Operation (Refs & Annos)
Subtitle 7. Ratification of Defective Corporate Acts (Refs & Annos)
Effective: October 1, 2022
MD Code, Corporations and Associations, § 2-706
§ 2-706. Action by entity or individual substantially and adversely affected by a ratification
Currentness
In general
(a) Upon application by the corporation, any successor entity to the corporation, any director of the corporation, any record or beneficial holder of valid stock or putative stock, any record or beneficial holder of putative stock as of the date of the defective corporate act, any holder of a voting trust certificate, any holder of a voting trust certificate as of the date of the defective corporate act, or any other person claiming to be substantially and adversely affected by a ratification under this subtitle, a court may:
(1) Determine the validity of any ratification under this subtitle; or
(2) Modify or waive any of the procedures required by this subtitle to ratify a defective corporate act.
Timing for action
(b) An action under this section shall be brought within 120 days after:
(1) If the ratification was approved by stockholders, the date on which ratification occurred; or
(2) If notice was given or deemed given within 60 days after the ratification, the date on which notice was given or deemed given to stockholders and any holders of putative stock in accordance with this subtitle.

Credits

Added by Acts 2022, c. 289, § 1, eff. Oct. 1, 2022; Acts 2022, c. 290, § 1, eff. Oct. 1, 2022.
MD Code, Corporations and Associations, § 2-706, MD CORP & ASSNS § 2-706
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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