Ch. 52

LAWS OF MARYLAND

that specifically, generally, or generally by types, as to
specifically identified or unidentified existing or future
interested stockholders or their affiliates, have been approved
or exempted therefrom, IN WHOLE OR IN PART, by resolution of the
board of directors of the corporation:

(i) Prior to September 1, 1983 or such earlier
date as may be irrevocably established by resolution of the board
of directors; or

(ii) If involving transactions with a
particular interested stockholder or its existing or future
affiliates, at any time prior to the [time that the interested
stockholder first became an interested stockholder] DETERMINATION
DATE.

(2) Unless by its terms a resolution adopted under
this subsection is made irrevocable, it may be altered or
repealed by the board of directors, but this shall not affect any
business combinations that have been consummated, or are the
subject of an existing agreement entered into, prior to the
alteration or repeal.

(d) (1) Unless the charter or bylaws of the corporation
specifically provides otherwise, the [requirements] PROVISIONS of
§ 3-602 OF THIS SUBTITLE do not apply to business combinations of
a corporation that, on July 1, 1983, had an existing interested
stockholder, whether a business combination is with the existing
stockholder or with any other person that becomes an interested
stockholder after July 1, 1983, or their present or future
affiliates, unless, at any time after July 1, 1983, the board of
directors of the corporation elects by resolution to be subject,
in whole or in part, specifically, generally, or generally by
types, as to specifically identified or unidentified interested
stockholders, to the [requirements] PROVISIONS of § 3-602 OF THIS
SUBTITLE.

(2)  The charter or bylaws of the corporation may
provide that if the board of directors adopts a resolution under
paragraph (1) of this subsection the resolution shall be subject
to approval of the stockholders in the manner and by the vote
specified in the charter or the bylaws.

(3)  An election under this subsection may be added to
but may not be altered or repealed except by a charter amendment
adopted by a vote of stockholders meeting the requirements of
subsection (e)(l)(iii) of this section.

(4)   If a corporation elects under this subsection to
be included within the provisions of this subtitle generally,
without qualification or limitation, it shall file with the
Department articles supplementary including a copy of the
resolution making the election and a statement describing the

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