Md. Code, Corp. & Ass'ns § 1-402

Current with changes from the 2024 Legislative Session

Section 1-402 - Financial accounts of Maryland corporation presumed proper

A determination required or permitted to be made under any provision of this article relating to stated capital, surplus, capital surplus, earned surplus, or any other account or matter relating to the financial position or results of operations of a Maryland corporation is prima facie proper and in accordance with this article if:

(1) Specific provisions of this article do not require otherwise; and

(2) It is made in good faith in accordance with generally accepted accounting practices and principles.

Md. Code, CA § 1-402