Maryland SB631 revises laws governing corporations and associations, including charter document acceptance, bankruptcy actions, and director consents.

Maryland SB631 revises the Corporations and Associations laws, detailing the acceptance of charter documents by the Department, actions trustees and receivers can take under bankruptcy law, and the process for director consents. The bill specifies that the Department cannot accept charter documents that do not conform to law but may treat acknowledged documents as properly acknowledged. It also allows trustees or receivers appointed by a bankruptcy court to amend charters, bylaws, transfer assets, dissolve corporations, or take other necessary actions without stockholder approval.

Maryland SB631 revises laws governing corporations and associations, including charter document acceptance, bankruptcy actions, and director consents.

Maryland SB631 revises the Corporations and Associations laws, detailing the acceptance of charter documents by the Department, actions trustees and receivers can take under bankruptcy law, and the process for director consents. The bill specifies that the Department cannot accept charter documents that do not conform to law but may treat acknowledged documents as properly acknowledged. It also allows trustees or receivers appointed by a bankruptcy court to amend charters, bylaws, transfer assets, dissolve corporations, or take other necessary actions without stockholder approval.