MD SB631

State Department of Assessments and Taxation must notify filers when charter documents are rejected and explain the reason; corrected documents refiled within 30 days will be accepted with the original filing date

Open-end investment companies registered under the federal Investment Company Act of 1940 may take board actions without a meeting if a majority of directors consent in writing, with notice sent to all directors within 3 days

Bankruptcy court-appointed trustees or receivers may amend charters, transfer assets, or dissolve corporations to carry out final orders without stockholder or board approval

Foreign corporations doing business in Maryland without proper registration may now maintain lawsuits in state courts after paying the $200 penalty; the misdemeanor penalty (up to $1,000 fine) for officers and agents is repealed

Partnership agreements now govern the means and conditions for their own amendment, with unanimous partner consent required unless otherwise specified; limited partnerships are bound by partnership agreements even without manifesting assent