PARRIS N. GLENDENING, Governor                             Ch. 449

(c) [The terms of the members are:]

(1)     The elected officials serve for the duration of their elected terms in
office[; and].

(2)     The appointed members serve concurrently with the elected terms of
THE Garrett County Commissioners.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
October 1, 1995.

Approved May 18, 1995.

CHAPTER 449
(House Bill 748)

AN ACT concerning

Corporations - Preemptive Rights

FOR the purpose of allowing a corporation to provide in its charter for the granting of
preemptive rights to stockholders; prohibiting a stockholder from having preemptive
rights unless the corporate charter expressly provides for preemptive rights;
allowing a stockholder to waive preemptive rights; providing for the application of
this Act; and generally relating to preemptive rights of stockholders.

BY repealing and reenacting, with amendments,
Article - Corporations and Associations
Section 2-105(a) and 2-205
Annotated Code of Maryland
(1993 Replacement Volume and 1994 Supplement)

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

Article - Corporations and Associations

2-105.

(a) A corporation may provide by its charter:

(1)     For one or more classes of stock, the voting rights of each class, and any
restriction on or denial of these rights;

(2)     As to each class of stock, either the par value of the shares or that the
shares are without par value;

(3)     (i) That the corporation shall set apart dividends for or pay dividends
to the holders of a specified class of stock before any dividends are set apart for or paid
to the holders of another class of stock;

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