§ 2-208. Unissued stock, classification or reclassification
West's Annotated Code of MarylandCorporations and AssociationsEffective: October 1, 2022
Effective: October 1, 2022
MD Code, Corporations and Associations, § 2-208
§ 2-208. Unissued stock, classification or reclassification
(a)(1) If, under a power contained in the charter, the board of directors classifies or reclassifies any unissued stock by setting or changing the preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends, qualifications, or terms or conditions of redemption, the board shall file articles supplementary for record with the Department.
(b) Articles supplementary shall include:
(c) Articles supplementary shall be executed in the manner required by Title 1 of this article.
(d) Articles supplementary are effective as of the later of:
(e) Notwithstanding subsection (a)(2) of this section:
(2) A right or liability accrued by reason of the issuance of stock by a corporation prior to the time the articles supplementary with respect to the stock are effective shall be extinguished at the time the articles supplementary become effective, except to the extent that the person having the right or liability has acted detrimentally in reliance on the right or liability solely by reason of issuance of the stock.
Credits
Added by Acts 1975, c. 311, § 2, eff. July 1, 1975. Amended by Acts 1995, c. 356, § 1, eff. Oct. 1, 1995; Acts 2003, c. 301, § 1, eff. June 1, 2003; Acts 2022, c. 292, § 1, eff. Oct. 1, 2022; Acts 2022, c. 293, § 1, eff. Oct. 1, 2022.
Formerly Art. 23, § 18.
MD Code, Corporations and Associations, § 2-208, MD CORP & ASSNS § 2-208
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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