Section 2-205 - Preemptive rights. - Maryland Statutes

§ 2-205. Preemptive rights.
 

(a)  Corporations incorporated on or after October 1, 1995.- For a corporation incorporated on or after October 1, 1995, unless the charter expressly grants such rights to the stockholder, a stockholder does not have any preemptive right to subscribe to: 

(1) Any additional issue of stock; or 

(2) Any security convertible into an additional issue of stock. 

(b)  Corporations incorporated before October 1, 1995.- For a corporation incorporated before October 1, 1995, a stockholder shall have preemptive rights as and to the extent in existence before October 1, 1995, unless and until expressly changed or terminated by charter amendment. 

(c)  Waiver.-  

(1) A stockholder to whom a preemptive right has been granted may waive the preemptive right. 

(2) A written waiver of a preemptive right is irrevocable even though it is not supported by consideration. 
 

[An. Code 1957, art. 23, § 30; 1975, ch. 311, § 2; 1995, ch. 449; 2008, ch. 292.]