Section 5-117 - Directors and officers. - Maryland Statutes

§ 5-117. Directors and officers.
 

(a)  Qualified persons.- A majority of the directors and all of the officers of a professional corporation, except the secretary and treasurer, must be qualified persons with respect to the corporation. 

(b)  Number; individual holding more than one office.- Whether or not organized as a close corporation under Title 4 of this article: 

(1) The number of directors in a professional corporation may be less than 3; 

(2) The officers of a professional corporation may be limited to president, treasurer, and secretary and an individual may hold more than one office; and 

(3) Notwithstanding any other provision of law, an individual who holds more than one office in a professional corporation may act in more than one capacity to execute, acknowledge, or verify any instrument required to be executed, acknowledged, or verified by more than one officer. 
 

[1993, ch. 413, § 2.]