2013 Maryland Code
CORPORATIONS AND ASSOCIATIONS
§ 4-201 - Statement of election
§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.
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