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Md. Code Ann., Corps. & Ass'ns § 5-111

Known as the Maryland Professional Service Corporation Act

The act spans §§ 5–5 (34 sections).

(a) A stockholder of a professional corporation may transfer or pledge stock, fractional stock, and rights or options to purchase stock of the corporation only to a qualified person.

(b) A transfer of stock made in violation of subsection (a) of this section, except a transfer made by operation of law or by court judgment, is void.

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