1558                                        LAWS OF MARYLAND                     [Ch. 311

see §2-301.
2-310. POWER TO ACQUIRE OWN STOCK.

(A)       REDEMPTION.

SUBJECT TO THE PROVISIONS OF ITS CHARTER AND §2-311
OF THIS SUBTITLE, A CORPORATION MAY:

(1)   REDEEM SHARES OF ITS OWN STOCK SUBJECT TO
REDEMPTION; OR

(2)   EXCHANGE CONVERTIBLE SHARES.

(B)   SPECIFIC FORMS OF ACQUISITION.

SUBJECT TO THE PROVISIONS OF ITS CHARTER   AND §2-311

OF THIS SUBTITLE, IF AUTHORIZED BY ITS        BOARD OF

DIRECTORS, A CORPORATION MAY ACQUIRE SHARES   OF ITS OWN
STOCK:

(1)    BY PURCHASE OF STOCK SUBJECT TO
REDEMPTION;

(2)   BY GIFT OR LEGACY; OR

(3)   IN ANY OTHER MANNER.

(C)   SPECIFIC PURPOSES FOR ACQUISITION,

SUBJECT TO THE PROVISIONS OF ITS CHARTER AND §2-311
OF THIS SUBTITLE, IF AUTHORIZED BY ITS BOARD OF DIRECTORS,
A CORPORATION MAY ACQUIRE SHARES OF ITS OWN STOCK TO:

(1)   ELIMINATE FRACTIONAL SHARES;

(2)   COLLECT OR COMPROMISE A CORPORATE DEBT OR
CLAIM, IF DONE IN GOOD FAITH; OR

(3)   SATISFY OR COMPROMISE A CLAIM OF AN
OBJECTING STOCKHOLDER UNDER TITLE 3, SUBTITLE 2 OF THIS
ARTICLE.

REVISOR'S NOTE: This section is new language derived
from Art. 23, §32(a).

The section is broadened slightly by making
subsections (b) (2) and (c) of this section
expressly subject to any applicable charter
provisions. However, this is not a
substantive change since, in any event, the
charter would control. Therefore, the last
clause of present §32(4) is deleted as
unnecessary.