Ch. 716

LAWS OF MARYLAND

(2) IF A CORPORATION IS REQUIRED UNDER PARAGRAPH (1)
OF THIS SUBSECTION TO HOLD A MEETING OF STOCKHOLDERS TO ELECT
DIRECTORS, THE MEETING SHALL BE DESIGNATED AS THE ANNUAL MEETING
OF STOCKHOLDERS FOR THAT YEAR.

(C) (1) [The] EXCEPT AS PROVIDED IN PARAGRAPH (2) OF THIS
SUBSECTION, THE meeting shall be held:

[(1)] (I) At the time provided in the bylaws; or

[(2)] (II) If the bylaws specify a period not
exceeding 31 days during which the meeting may be held, at a time
within that period set by the board of directors.

(2) IF A CORPORATION IS REQUIRED UNDER PARAGRAPH (1)
OF SUBSECTION (B) OF THIS SECTION TO HOLD A MEETING OF
STOCKHOLDERS TO ELECT DIRECTORS, THE MEETING SHALL BE HELD NO
LATER THAN 120 DAYS AFTER THE OCCURRENCE OF THE EVENT REQUIRING
THE MEETING.

(d)  Except as this article provides otherwise, any business
may be considered at an annual meeting without the purpose of the
meeting having been specified in the notice.

(e)  The failure to hold an annual meeting does not
invalidate the corporation's existence or affect any otherwise
valid corporate act.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect July 1, 1989.

Approved May 25, 1989.

CHAPTER 716

(House Bill 995)

AN ACT concerning

Real Property - Lien Releases - Certificate of Satisfaction

FOR the purpose of establishing a "Certificate of Satisfaction"
as a form of evidence of the satisfaction of a mortgage or
deed of trust; authorizing certain holders of a mortgage or
deed of trust to execute a partial release of the mortgage
or deed of trust under certain circumstances; providing for
the recordation of the Certificate of Satisfaction and the
partial release by the clerk of the court; providing a form

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