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Session Laws, 1981
Volume 741, Page 1658   View pdf image
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1658                                   LAWS OF MARYLAND                                 Ch. 318

(A)  For purposes of any law or rule relating to
members of a nonstock corporation, the directors of a
nonstock corporation, UNDER EITHER OF THE CIRCUMSTANCES
DESCRIBED IN SUBSECTION (B) OF THIS SECTION:

(1)   [also] ALSO constitute the members of the
corporation; and[,]

(2)   [when] WHEN meeting as directors, may
exercise the rights and powers of members.

(B)  THIS SECTION APPLIES if:

(1)   [The] NEITHER THE charter [or] NOR THE
bylaws of the corporation [do not] provide for members; or

(2)  The nonstock corporation in fact has no
members.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1981.

Approved May 12, 1981.

CHAPTER 319

(Senate Bill 800)

AN ACT concerning

Corporations and Associations - Redemption of Stock

FOR the purpose of clarifying certain provisions relating to
the acquisition by a corporation of its own stock.

BY repealing and reenacting, with amendments,

Article - Corporations and Associations
Section 2-310(a) and (b), 2-311(a) and 2-313(a)
Annotated Code of Maryland
(1975 Volume and 1980 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That section(s) of the Annotated Code of Maryland
be repealed, amended, or enacted to read as follows:

Article - Corporations and Associations

2-310.

(a) Subject to the provisions of its charter and §
2-311 of this subtitle, a corporation may:

 

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Session Laws, 1981
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