1596

LAWS OF MARYLAND

[Ch. 311

DIVIDENDS, [[AND]] QUALIFICATIONS, AND TERMS AND
CONDITIONS OF REDEMPTION OF ANY OF ITS ISSUED OR
UNISSUED STOCK; AND

(10) CANCEL OR OTHERWISE AFFECT THE RIGHT OF
THE STOCKHOLDERS OF ANY CLASS TO RECEIVE DIVIDENDS WHICH
HAVE ACCRUED BUT HAVE NOT BEEN DECLARED.

REVISOR'S NOTE: This section presently appears as
Art. 23, §10.

The only changes are in style.

2-603. CHARTER AMENDMENT - NO STOCK OUTSTANDING OR
SUBSCRIBED FOR.

(A)   GENERAL RULE.

IF THERE IS NO STOCK OUTSTANDING OR SUBSCRIBED FOR
ENTITLED TO BE VOTED ON THE CHARTER AMENDMENT, IT SHALL
BE APPROVED AS PROVIDED IN THIS SECTION.

(B)       APPROVAL BEFORE ORGANIZATION MEETING.

(1)         IF THE AMENDMENT IS MADE BEFORE THE
ORGANIZATION MEETING OF THE BOARD OF DIRECTORS, EVERY
INCORPORATOR SHALL EXECUTE AND FILE AMENDED ARTICLES OF
INCORPORATION IN THE SAME FORM REQUIRED BY SUBTITLE 1 OF
THIS TITLE FOR ORIGINAL ARTICLES OF INCORPORATION.

(2)            WHEN THE DEPARTMENT ACCEPTS AMENDED
ARTICLES OF INCORPORATION FOR RECORD, THEY TAKE THE PLACE
OF THE ORIGINAL ARTICLES.

(C)       APPROVAL AFTER ORGANIZATION MEETING.

IF THE     AMENDMENT IS MADE AT OR AFTER THE

ORGANIZATION     MEETING OF THE BOARD OF DIRECTORS, IT SHALL

BE APPROVED BY A MAJORITY OF THE ENTIRE BOARD OF
DIRECTORS.

REVISOR'S NOTE: This section presently appears as
Art. 23, §11(a).

Reference to the filing fees charged by the
department is deleted as unnecessary in light
of § 1—201 of this article.

Reference to the incorporators "who signed the
original articles..." is deleted as

unnecessary, since only those who sign
articles of incorporation can be termed
"incorporators."