§ 2-205
121 words·~1 min read·
/md/corporations-and-associations/2-205·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§2–205.
(a)For a corporation incorporated on or after October 1, 1995, unless the charter expressly grants such rights to the stockholder, a stockholder does not have any preemptive right to subscribe to:
(1)Any additional issue of stock; or
(2)Any security convertible into an additional issue of stock.
(b)For a corporation incorporated before October 1, 1995, a stockholder shall have preemptive rights as and to the extent in existence before October 1, 1995, unless and until expressly changed or terminated by charter amendment.
(1)A stockholder to whom a preemptive right has been granted may waive the preemptive right.
(2)A written waiver of a preemptive right is irrevocable even though it is not supported by consideration.