Maryland Code, INSURANCE 24-303

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Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
state: means :

(1) a state, possession, territory, or commonwealth of the United States; or

(2) the District of Columbia. See

(a) There is a Chesapeake Employers’ Insurance Company.

(b) The Company shall be:

(1) a private, nonprofit, nonstock corporation organized under State law; and

(2) subject to the applicable provisions of the Corporations and Associations Article as a nonstock corporation.

(1) file articles of incorporation under the Corporations and Associations Article; and

(2) take all steps necessary to be a private, nonprofit, nonstock corporation organized under State law.