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General corporation law tweaks win quick backing from sponsor and business bar
Summary
Delegate Marlon Ampri told the committee House Bill 11‑71 updates Maryland corporate law to add common provisions adopted in other states and to correct a drafting error; the measure drew no opponents at the hearing.
Delegate Marlon Ampri told the Economic Matters Committee on Feb. 25 that House Bill 11‑71, a routine update to the Maryland General Corporation Law, would modernize several provisions to help the state remain competitive for corporate transactions.
Ampri said the bill, brought by the Maryland State Bar Association’s Business Law section, would (1) create a statutory safe harbor for banks and other secured lenders to sell or transfer pledged assets in foreclosure or secured‑party sales without stockholder approval; (2) remove obsolete requirements for certain statements in articles of merger between corporations and other entities; and (3) correct an error introduced in a 2015 amendment to the MGCL.
Ampri said the changes are consistent with practice in other states such as Delaware and should reduce uncertainty for businesses and lenders. He delivered the MSBA’s letter of support to the committee and asked for a favorable report. Committee members asked no substantive questions, and no opponents appeared during the hearing.
What’s next: Staff will place the bill for committee consideration; the measure appeared to have routine technical and industry support.
