Section 2-501 - Annual meeting. - Maryland Statutes

§ 2-501. Annual meeting.
 

(a)  Meeting required.- Each corporation shall hold an annual meeting of its stockholders to elect directors and transact any other business within its powers. 

(b)  Exceptions to meeting requirement.-  

(1) If the charter or bylaws of a corporation registered under the Investment Company Act of 1940 so provides, the corporation is not required to hold an annual meeting in any year in which the election of directors is not required to be acted upon under the Investment Company Act of 1940. 

(2) If a corporation is required under paragraph (1) of this subsection to hold a meeting of stockholders to elect directors, the meeting shall be designated as the annual meeting of stockholders for that year. 

(c)  Time of meeting.-  

(1) Except as provided in paragraph (2) of this subsection, the meeting shall be held at the time or in the manner provided in the bylaws. 

(2) If a corporation is required under subsection (b)(1) of this section to hold a meeting of stockholders to elect directors, the meeting shall be held no later than 120 days after the occurrence of the event requiring the meeting. 

(d)  Business which may be considered.- Except as this article provides otherwise, any business may be considered at an annual meeting without the purpose of the meeting having been specified in the notice. 

(e)  Effect of failure to hold meeting.- The failure to hold an annual meeting does not invalidate the corporation's existence or affect any otherwise valid corporate act. 
 

[An. Code 1957, art. 23, § 38; 1975, ch. 311, § 2; 1987, ch. 242; 1989, ch. 236, § 2; ch. 715; 2008, ch. 292.]