2013 Maryland Code
§ 3-301 - Reorganization by order of court

MD Corp & Assn Code § 3-301 (2013) What's This?


(a) If the final order of a court makes a plan of reorganization binding on the stockholders of a corporation, the board of directors, trustee, or receiver, as the case may be, may take any action necessary to carry out the plan without any other corporate approval.

(b) If a charter document is required to be filed with the Department to carry out a transaction under subsection (a) of this section, it shall state:

(1) That the transaction was carried out under a plan of reorganization pursuant to a final order of a court having jurisdiction;

(2) The name of the court and the caption and docket number of the proceedings; and

(3) That the transaction was approved by the board of directors, trustee, or receiver, as the case may be.

(c) If the action is taken by a trustee or receiver, he may sign and acknowledge the charter document for the corporation, and no other execution, acknowledgment, or affidavit on behalf of the corporation is required.

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