Maryland StatutesTITLE 4 - CLOSE CORPORATIONSSubtitle 1 - Definitions; General ProvisionsSection 4-101 - Definitions.Section 4-102 - Execution of documents.Subtitle 2 - Election to Be a Close CorporationSection 4-201 - Statement of election.Section 4-202 - Required references to close corporation status.Section 4-203 - Removal of statement from charter.Subtitle 3 - Board of DirectorsSection 4-301 - At least one director required initially.Section 4-302 - Election to have no board of directors.Section 4-303 - Effect of election to have no board of directors.Subtitle 4 - StockholdersSection 4-401 - Unanimous stockholders' agreement.Section 4-402 - Stockholders' annual meeting.Section 4-403 - Stockholders' right of inspection.Section 4-404 - Statement of affairs.Subtitle 5 - Stock RestrictionsSection 4-501 - Restriction on issuance or sale of stock.Section 4-502 - Certain securities and stock options prohibited.Section 4-503 - Restrictions on transfer of stock.Section 4-504 - Denial or restriction of voting rights; unanimous stockholder vote.Subtitle 6 - Termination of ExistenceSection 4-601 - Consolidation, merger, share exchange, or transfer of assets.Section 4-602 - Involuntary dissolution.Section 4-603 - Avoidance of dissolution by purchase of petitioner's stock.