§ 4-201
111 words·~1 min read·
/md/corporations-and-associations/4-201·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§4–201.
(a)A corporation may elect to be a close corporation under this title by including in its charter a statement that it is a close corporation.
(b)The statement that a corporation is a close corporation shall be:
(1)Contained in the articles of incorporation originally filed with the Department; or
(2)Added to the charter by an amendment which is approved:
(i)Under the provisions of § 2-603 of this article, if at the time of the adoption of the amendment no stock of the corporation is either outstanding or subscribed for; or
(ii)By the affirmative vote of every stockholder and every subscriber for stock of the corporation.