§ 2-205

Maryland § 2-205

• Jurisdiction: Maryland
• Article gca: Corporations and Associations
• Title: 2

Text

(a) For a corporation incorporated on or after October 1, 1995, unless the charter expressly grants such rights to the stockholder, a stockholder does not have any preemptive right to subscribe to:

(1) Any additional issue of stock; or

(2) Any security convertible into an additional issue of stock.

(b) For a corporation incorporated before October 1, 1995, a stockholder shall have preemptive rights as and to the extent in existence before October 1, 1995, unless and until expressly changed or terminated by charter amendment.

(c) (1) A stockholder to whom a preemptive right has been granted may waive the preemptive right.

(2) A written waiver of a preemptive right is irrevocable even though it is not supported by consideration.