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VETOES
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2466
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In so doing, I am not expressing disapproval of the aim of the
bill. To the contrary, I support such legislation as long as it
does not unduly impede the wide variety of routine and beneficial
transactions in which Maryland corporations are engaged.
Therefore, I have decided to present legislation to a
Special Session of the General Assembly which will accomplish the
same purposes as House Bill 1030 but which will not impede
routing and beneficial corporate transactions.
Sincerely,
Harry Hughes
Governor
House Bill No. 1030
AN ACT concerning
Corporations and Associations - Special
Voting Requirements
FOR the purpose of requiring special voting on certain
transactions involving interested stockholders and making
corresponding changes to the provisions governing the rights
of objecting stockholders.
BY repealing and reenacting, with amendments,
Article - Corporations and Associations
Section 3-202, 8-301(12) and (13)
Annotated Code of Maryland
(1975 Volume and 1982 Supplement)
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BY adding to
Article - Corporations and Associations
Section 3-601 through 3-603, inclusive, to be under the new
subtitle "Special Voting Requirements"; and
8-301(14)
Annotated Code of Maryland
(1975 Volume and 1982 Supplement)
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SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
Article - Corporations and Associations
3-202.
(a) Except as provided in subsection (c) of this section, a
stockholder of a Maryland corporation has the right to demand and
receive payment of the fair value of his stock if:
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