Ch. 281

LAWS OF MARYLAND

this purpose, "present" in § 2-410 of this article means present
in person or by proxy; and

SECTION 2. AND BE IT FURTHER ENACTED, That Section(s)
2-314, 3-303, and 3-304, respectively, of Article - Corporations
and Associations of the Annotated Code of Maryland be renumbered
to be Section(s) 2-313, 3-301, and 3-302, respectively.

SECTION 3. AND BE IT FURTHER ENACTED, That this Act shall
take effect July 1, 1988.

Approved May 17, 1988.

CHAPTER 281

(House Bill 311)

AN ACT concerning

Corporations and Associations - Distributions to Stockholders

FOR the purpose of defining the term "distribution" to include
all transfers of money, property, or indebtedness by a
corporation to or for the benefit of stockholders of the
corporation; providing certain exceptions; repealing a
certain definition of the term "insolvent"; authorizing a
corporation to effect certain stock splits and dividends;
clarifying language; regulating a corporation's acquisition
of the corporation's own shares and other distributions of a
corporation; prescribing and altering the liability of
directors and stockholders for certain unlawful
distributions; providing for certain contributions to a
director held liable for an unlawful distribution; altering
certain provisions relating to distributions in liquidation;
and generally relating to distributions to stockholders and
liability for those distributions.

BY repealing and reenacting, with amendments,

Article - Corporations and Associations

Section 2-309 and 4-303(7)

Annotated Code of Maryland

(1985 Replacement Volume and 1987 Supplement)

BY repealing

Article - Corporations and Associations

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