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2017 Maryland Code
Corporations and Associations
Title 2 - Corporations in General -- Formation, Organization, and Operation
Subtitle 3 - Capital Accounts, Dividends, and Retirement of Shares
§ 2-301. Distribution
Universal Citation: MD Corp & Assn Code § 2-301 (2017)
- (a) "Distribution" defined. --
- (1) In this subtitle, "distribution" means:
- (i) A direct or indirect transfer of money or other property of the corporation in respect of any of its shares; or
- (ii) An incurrence or forgiveness of indebtedness by a corporation to or for the benefit of the corporation's stockholders in respect of any of its shares.
- (2) "Distribution" does not include a stock dividend or stock split authorized in accordance with ยง 2-309(c) of this subtitle.
- (1) In this subtitle, "distribution" means:
- (b) Form. -- A distribution may be in the form of:
- (1) A declaration or payment of a dividend;
- (2) A purchase, redemption, whether or not at the option of the corporation or the stockholders, or other acquisition of shares; or
- (3) An issuance of evidence of indebtedness.
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