Maryland Statutes
§ 2-304
Maryland § 2-304
This text of Maryland § 2-304 is published on Counsel Stack Legal Research, covering Maryland primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
Bluebook
Md. Code Ann., Corporations and Associations § 2-304 (2026).
Text
(a)By resolution of its board of directors, a corporation may apply any part of its capital surplus for:
(1)The reduction or elimination of a corporate deficit arising from a loss, however incurred, or from diminution in the value of its assets, but only after earned surplus is exhausted; or
(2)Any other proper corporate purpose.
(b)An application of capital surplus under subsection (a) of this section shall be disclosed to the stockholders of the corporation in its next annual report.
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Bluebook (online)
Maryland § 2-304, Counsel Stack Legal Research, https://law.counselstack.com/statute/md/gca/2-304.