Source: https://law.justia.com/codes/maryland/2013/article-gca/section-3-104/
Timestamp: 2019-11-11 19:39:00
Document Index: 758157425

Matched Legal Cases: ['§ 3', '§ 3', '§ 3', '§ 3', '§3', '§ 2']

§ 3-104 - Transfers in ordinary course of business; mortgages; share exchanges by voluntary action or agreement :: 2013 Maryland Code :: US Codes and Statutes :: US Law :: Justia
Justia US Law US Codes and Statutes Maryland Code 2013 Maryland Code CORPORATIONS AND ASSOCIATIONS § 3-104 - Transfers in ordinary course of business; mortgages; share exchanges by voluntary action or agreement
§ 3-104 - Transfers in ordinary course of business; mortgages; share exchanges by voluntary action or agreement
MD Corp & Assn Code § 3-104 (2013) What's This?
§3-104.
(a) Notwithstanding any other provision of this subtitle, unless the charter or bylaws of a corporation provide otherwise, the approval of the stockholders and articles of transfer or share exchange, as the case may be, are not required for any:
(1) Transfer of assets by a corporation in the ordinary course of business actually conducted by it or as a distribution as defined in § 2-301 of this article;
(2) Mortgage, pledge, or creation of any other security interest in any or all of the assets of a corporation, whether or not in the ordinary course of its business;
(3) Exchange of shares of stock through voluntary action or under any agreement with the stockholders;
(4) Transfer of assets by a corporation to one or more persons if all of the equity interests of the person or persons are owned, directly or indirectly, by the corporation; or
(5) Transfer of assets by a corporation registered as an open-end investment company under the Investment Company Act of 1940.
(b) A transaction described in subsection (a) of this section also may be effected as otherwise provided in this subtitle.