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Md. Code Ann., Corps. & Ass'ns § 4-502

A close corporation may not have outstanding any:

(1) Securities which are convertible into its stock;

(2) Voting securities other than stock; or

(3) Options, warrants, or other rights to subscribe for or purchase any of its stock, unless they are nontransferable.

Official source: Maryland General Assembly. Reproduced from public-domain Maryland statutes; confirm against the official source for the current text. Not legal advice.