§ 4-501
52 words·~1 min read·
/md/corporations-and-associations/4-501·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§4–501.
If there is any stock of a close corporation outstanding, the corporation may not issue or sell any of its stock, including treasury stock, unless the issuance or sale is:
(1)Approved by the affirmative vote of the holders of all outstanding stock; or
(2)Permitted by a unanimous stockholders’ agreement.