Maryland Revises Corporation Laws: 2023 MGCL and Statutory Trust Act Changes

Updates to Key Sections of the MGCL

Maryland lawmakers approved revisions to Corporations and Associations of the Maryland General Corporation Law (MGCL) regarding the following:

Shares issued in a conversion

The prohibition on bearer certificates

Annual stockholder meetings of investment companies

Remote voting at stockholder meetings

Termination of a Real Estate Investment Trust

Legislators also passed a new section of the Maryland Statutory Trust Act that makes the Maryland Control Share Acquisition Act applicable to a statutory trust formed on or after October 1, 2023 that’s a closed-end investment company as defined in the 1940 Act.

Attorney James. J Hanks Jr. of Venable LLP provides a detailed review of the changes to Maryland’s business laws in his legislative analysis for the 2023 edition of CSC’s Maryland & DC Laws Governing Business Entities Annotated.

Maryland Corporations and Associations Code

This Edition includes the 2023 amendments to the Maryland Corporations and Associations Code. The complete Business Corporation Act and related business law sections from the District of Columbia Official Code are also included. Blackline Amendment Notes following each amended section reflect the exact language that was added and deleted.

Other features include fee tables for business filings for both jurisdictions, and online access to over 100 forms for incorporation/formation, qualification, mergers, dissolution, and name reservation for all business entity types in Maryland and the District of Columbia via the LexisNexis® Store download center. A listing of forms and contact information for the jurisdictions can be found in the book’s appendix.

Maryland & The District of Columbia Laws Governing Business Entities Annotated

Maryland & The District of Columbia Laws Governing Business Entities Annotated is available as a softbound book or as an eBook, compatible with dedicated e-reader devices, computers, tablets and smartphones that use e-reader software or applications. It’s also available on the LexisNexis^® Digital Library.