Md. Code, Corporations and Associations § 3-516
This is the official text of Md. Code, Corporations and Associations § 3-516, part of Maryland’s Code, Corporations and Associations — governs the formation and operation of corporations, LLCs, and partnerships.
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§3–516.
Official statutory text
(a) A director, stockholder, or creditor of a Maryland corporation which has had its charter forfeited may petition a court of equity to take jurisdiction of the liquidation of the corporation.
(b) After notice and hearing, the court for good cause shown may order the corporation liquidated under court supervision either by the directors as trustees or by one or more receivers appointed by the court.
(c) The authority of the director-trustees terminates when a court appoints a receiver.
(b) After notice and hearing, the court for good cause shown may order the corporation liquidated under court supervision either by the directors as trustees or by one or more receivers appointed by the court.
(c) The authority of the director-trustees terminates when a court appoints a receiver.
Status: in_force · Read it on the official government site
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