MARVIN MANDEL, Governor

1889

The only changes are in style.

The term "foreign corporation" is defined in
Title 1 of this article.

7-103. ACTIVITIES NOT CONSIDERED INTRASTATE BUSINESS.

IN ADDITION TO ANY OTHER ACTIVITIES WHICH MAY NOT
CONSTITUTE DOING INTRASTATE BUSINESS IN THIS STATE, FOR
THE PURPOSES OF THIS ARTICLE, THE FOLLOWING ACTIVITIES
OF A FOREIGN CORPORATION DO NOT CONSTITUTE DOING
INTRASTATE BUSINESS IN THIS STATE:

(1) MAINTAINING, DEFENDING, OR SETTLING AN ACTION,
SUIT, CLAIM, DISPUTE, OF ADMINISTRATIVE OR ARBITRATION
PROCEEDING;

(2) HOLDING MEETINGS OF ITS DIRECTORS OR
STOCKHOLDERS OR CARRYING ON OTHER ACTIVITIES WHICH
CONCERN ITS INTERNAL AFFAIRS;

(3)   MAINTAINING BANK ACCOUNTS;

(4)     MAINTAINING OFFICES OR AGENCIES FOR THE
TRANSFER, EXCHANGE, AND REGISTRATION OF ITS SECURITIES;

(5)    APPOINTING AND MAINTAINING TRUSTEES OR
DEPOSITARIES WITH RESPECT TO ITS SECURITIES;

(6)    TRANSACTING BUSINESS EXCLUSIVELY IN INTERSTATE
OR FOREIGN COMMERCE; AND

(7)   CONDUCTING AN ISOLATED TRANSACTION NOT IN THE
COURSE OF A NUMBER OF SIMILAR TRANSACTIONS.

REVISOR'S NOTE: This section presently appears as
Art. 23, §88(b).

In item (4) of this section, the more correct
term "offices" is substituted for "officers."
This corrects an apparent typographical error
in present §88(b) and conforms this section to
the usage which appears in both the
Departmental publication of present Art. 23
and in Ch. 135, Acts of 1951, which originally
enacted §88(b).

In item (6) of this section, a reference to
"foreign" commerce is added to correct an
apparently inadvertent omission in the present
statute. Obviously, a corporation which is
engaged "exclusively" in foreign commerce
could not, under this article, be considered
to be doing intrastate business.