Section 3-402 - Approval of voluntary dissolution - No stock outstanding or subscribed for. - Maryland Statutes

§ 3-402. Approval of voluntary dissolution - No stock outstanding or subscribed for.
 

(a)  In general.- If there is no stock entitled to be voted on the dissolution either outstanding or subscribed for, the dissolution shall be approved as provided in this section. 

(b)  Approval before organization meeting.- If the action is taken before the organization meeting of the board of directors, the dissolution shall be approved by resolution of a majority of the incorporators. 

(c)  Approval after organization meeting.- If the action is taken after the organization meeting of the board of directors, the dissolution shall be approved by resolution of a majority of the entire board of directors. 
 

[An. Code 1957, art. 23, § 76; 1975, ch. 311, § 2.]