Ch. 715

LAWS OF MARYLAND

SECTION 3. AND BE IT FURTHER ENACTED, That it is the intent

of the General Assembly that, as a result of this Act, District

Court commissioners shall receive a one-grade increase in salary
on July 1, 1990.

SECTION 4. AND BE IT FURTHER ENACTED, That Section 1 of
this Act shall take effect July 1, 1990.

SECTION 5. AND BE IT FURTHER ENACTED, That Sections 2 and 3
of this Act shall take effect July 1, 1989.

Approved May 25, 1989.

CHAPTER 715

(House Bill 988)

AN ACT concerning

Corporations - Investment Companies - Annual Meeting

FOR the purpose of expanding the circumstances under which a
corporation registered under the Investment Company Act of
1940 may elect to eliminate the requirement of an annual
meeting of stockholders; providing when a meeting must be
held and when a statement of affairs must be filed; and
clarifying that a director not elected annually continues in
office under this Act.

BY repealing and reenacting, with amendments,

Article - Corporations and Associations

Section 2-313, 2-405, and 2-501

Annotated Code of Maryland

(1985 Replacement Volume and 1988 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Article - Corporations and Associations

2-313.

(a) The president or, if provided in the bylaws, some other
executive officer of each corporation shall prepare annually a
full and correct statement of the affairs of the corporation, to

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