1638

LAWS OF MARYLAND

[Ch. 311

REVISOR'S NOTE: This section presently appears as
the first sentence of Art. 23, §76(a). It has
been made a separate section to allow for
better organization of the subtitle, and
because it applies to the entire subtitle,
rather than just one section.

The only other changes are in style.

3-402. APPROVAL OF VOLUNTARY DISSOLUTION - NO STOCK
OUTSTANDING OR SUBSCRIBED FOR.

(A)   IN GENERAL.

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

(B)   APPROVAL BEFORE ORGANIZATION MEETING.

IF THE ACTION IS TAKEN BEFORE THE ORGANIZATION
MEETING OF THE BOARD OF DIRECTORS, THE DISSOLUTION SHALL
BE APPROVED BY RESOLUTION OF A MAJORITY OF THE
INCORPORATORS.

(C)   APPROVAL AFTER ORGANIZATION MEETING.

IF THE ACTION IS TAKEN AFTER THE ORGANIZATION
MEETING OF THE BOARD OF DIRECTORS, THE DISSOLUTION SHALL
BE APPROVED BY RESOLUTION OF A MAJORITY OF THE ENTIRE
BOARD OF DIRECTORS.

REVISOR'S NOTE: This section presently appears as
Art. 23, §76 (a) (1).

The requirement that the incorporators be
those "who signed the articles of
incorporation" is deleted as redundant since
only those who sign the articles are termed
incorporators.

The only other changes are in style.

3-403. APPROVAL OF VOLUNTARY DISSOLUTION - STOCK
OUTSTANDING OR SUBSCRIBED FOR.

(A) IN GENERAL.

IF THERE IS ANY STOCK ENTITLED TO BE VOTED ON THE
DISSOLUTION EITHER OUTSTANDING OR SUBSCRIBED FOR, THE
DISSOLUTION SHALL BE APPROVED AS PROVIDED IN THIS
SECTION.