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2796 LAWS OF MARYLAND Ch. 690
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CHAPTER 690
(Senate Bill 134)
AN ACT concerning
Corporations - Board of Directors
FOR the purpose of providing that a corporation if
authorized by its board of directors may make
certain gifts or contributions; and changing the
requisite number of members of the board of
directors under certain circumstances.
BY repealing and reenacting, with amendments,
Article - Corporations and Associations
Section 2-103(13) and 2-402 (a)
Annotated Code of Maryland
(1975 Volume and 1976 Supplement)
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SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That Sections 2-103(13) and 2-402 (a) of Article
- Corporations and Associations, of the Annotated Code of
Maryland (1975 Volume and 1976 Supplement) be and they
are hereby repealed and reenacted, with amendments, to
read as follows:
Article — Corporations and Associations
2-103.
Unless otherwise provided by law or its charter, a
Maryland corporation has the general powers, whether or
not they are set forth in its charter, to:
(13) If authorized by its board of directors,
make reasonable gifts or contributions out of profits to
or for the use of:
(i) The United States, THIS STATE,
another State of the United States, a territory,
possession, or district of the United States, or any
institution, agency, or political subdivision of any of
them; and
(ii) Any governmental or other
organization, whether inside or outside the United
States, for religious, charitable, scientific, civic,
public welfare, literary, or educational purposes;
2-402.
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(a) Each corporation shall have at least three
directors at all times[.], PROVIDED THAT:
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