The state of Maryland bill signed into law provides for the use of "distributed electronic networks" (such as blockchain and distributed ledger technology (DLT) ) to maintain and trainsmit certain corporate information, stock ledgers and specific communications. An excerpt appears below:
For the purpose of authorizing certain records of a corporation to be maintained by means of any information storage device, method, or electronic network or database, including a distributed electronic network or database, under certain circumstances; requiring a corporation to convert a record maintained in a certain manner into a clearly legible written form on request of a certain person; providing that, if the records of a corporation are maintained in a certain manner, a certain clearly legible written form of a record shall be admissible as evidence and accepted for certain purposes, under certain circumstances; providing that a certain electronic transmission is not effective until the later of the posting of certain information to a certain electronic network or database or the giving of a certain notice; authorizing certain communications, consents, and requests to be made by means of a certain electronic transmission; making conforming changes; altering a certain definition; and generally relating to corporate records and electronic transmissions.
This section applies to the corporation:
- Minutes of the proceedings of the stockholders
- Annual statements of affairs
- Stock ledgers
- Records of issuances, transfers, and cancellations of shares of stock (listing shareholder name, address and number of shares held of each class of stock)
- Voting trust agreements