Section 2-202 - Subscription for stock. - Maryland Statutes

§ 2-202. Subscription for stock.
 

(a)  Revocability if corporation not yet formed.- A subscription for stock of a corporation which is not yet formed is irrevocable for a period of 3 months, unless: 

(1) The subscription agreement provides otherwise; or 

(2) Every subscriber consents to the revocation of the subscription. 

(b)  Enforceability.- Unless the subscription agreement provides otherwise, a subscription is not void or unenforceable solely because less than all of the authorized stock is subscribed for. 

(c)  Terms of payment.- Unless the subscription agreement provides otherwise, a subscription for stock, whether made before or after the corporation is formed, shall be paid in full or in installments at the times set by the board of directors. 
 

[An. Code 1957, art. 23, § 19; 1975, ch. 311, § 2; 2008, ch. 292.]