Section 3-102 - General rule. - Maryland Statutes

§ 3-102. General rule.
 

(a)  Enumeration of powers.- A Maryland corporation having capital stock may: 

(1) Consolidate with one or more other Maryland or foreign corporations having capital stock to form a new consolidated corporation; 

(2) Merge into another Maryland or foreign corporation having capital stock, or have one or more such corporations merged into it; 

(3) Merge into a domestic or foreign business trust having transferable units of beneficial interest, or have one or more such business trusts merge into it; 

(4) Merge into a domestic or foreign limited partnership, or have one or more domestic or foreign limited partnerships merged into it; 

(5) Merge into a domestic or foreign limited liability company, or have one or more domestic or foreign limited liability companies merged into it; 

(6) Merge into a domestic or foreign partnership, or have one or more domestic or foreign partnerships merged into it; 

(7) Participate in a share exchange either: 

(i) As the successor; or 

(ii) As the corporation the stock of which is to be acquired; or 

(8) Transfer its assets. 

(b)  Limitation of power.- The provisions of this subtitle do not repeal, modify, or affect in any way a restriction or limitation: 

(1) Imposed on a corporation by State or other applicable law or by a charter provision which applies to a consolidation, merger share exchange, or transfer of assets; or 

(2) Contained in a franchise granted by the State or any of its political subdivisions which applies to a transfer or assignment of the franchise. 
 

[An. Code 1957, art. 23, § 65; 1975, ch. 311, § 2; 1976, ch. 567, § 2; 1978, ch. 255; 1988, ch. 550; 1992, ch. 536; 1997, ch. 654, § 2; 1999, ch. 34, § 8; 2010, ch. 611, § 2.]