Section 4-501 - Restriction on issuance or sale of stock. - Maryland Statutes

§ 4-501. Restriction on issuance or sale of stock.
 

If there is any stock of a close corporation outstanding, the corporation may not issue or sell any of its stock, including treasury stock, unless the issuance or sale is: 

(1) Approved by the affirmative vote of the holders of all outstanding stock; or 

(2) Permitted by a unanimous stockholders' agreement. 
 

[An. Code 1957, art. 23, § 102; 1975, ch. 311, § 2.]