H.B. 1297

VETOES

and generally relating to professional corporations.

BY repealing

Article - Corporations and Associations
Section 5-101 through 5-122 and 7-207
Annotated Code of Maryland
(1985 Replacement Volume and 1992 Supplement)

BY adding to                                                   

Article - Corporations and Associations
Section 5-101 through 5-134
Annotated Code of Maryland
(1985 Replacement Volume and 1992 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That Section(s) 5-101 through 5-122, inclusive, of Article - Corporations
and Associations of the Annotated Code of Maryland be repealed.

SECTION 2. AND BE IT FURTHER ENACTED, That the Laws of Maryland
read as follows:

Article - Corporations and Associations

5-101.

(A)     IN THIS SUBTITLE THE FOLLOWING WORDS HAVE THE MEANINGS
INDICATED.

(B)     "DISQUALIFIED PERSON" MEANS AN INDIVIDUAL OR ENTITY THAT FOR
ANY REASON IS OR BECOMES INELIGIBLE UNDER THIS SUBTITLE TO BE ISSUED
STOCK BY A PROFESSIONAL CORPORATION.

(C)     "FOREIGN PROFESSIONAL CORPORATION" MEANS A PROFESSIONAL
CORPORATION ORGANIZED UNDER THE LAWS OF ANOTHER STATE OR A
TERRITORY, POSSESSION, OR DISTRICT OF THE UNITED STATES.

(D) "LICENSE" MEANS ANY LICENSE, CERTIFICATION," CERTIFICATE,
REGISTRATION, OR OTHER LEGAL AUTHORIZATION REQUIRED BY STATUTE AS A
CONDITION PRECEDENT TO THE PERFORMANCE OF A PROFESSIONAL SERVICE IN
THE STATE.

(E)     "LICENSING UNIT" MEANS THE BOARD, AGENCY, COURT, OR OTHER
ENTITY THAT LICENSES OR OTHERWISE LEGALLY AUTHORIZES THE RENDITION OF
A PROFESSIONAL SERVICE.

(F)     "PROFESSIONAL CORPORATION" MEANS A CORPORATION ORGANIZED
UNDER THIS SUBTITLE FOR THE PURPOSE OF RENDERING PROFESSIONAL SERVICES.

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