Maryland Corporations and Associations Section 3-515

      (a)      When the charter of a Maryland corporation has been forfeited, until a court appoints a receiver, the directors of the corporation become the trustees of its assets for purposes of liquidation.

      (b)      The director-trustees are vested in their capacity as trustees with full title to all the assets of the corporation. They shall:

            (1)      Collect and distribute the assets, applying them to the payment, satisfaction, and discharge of existing debts and obligations of the corporation, including necessary expenses of liquidation; and

            (2)      Distribute the remaining assets among the stockholders.

      (c)      The director-trustees may:

            (1)      Carry out the contracts of the corporation;

            (2)      Sell all or any part of the assets of the corporation at public or private sale;

            (3)      Sue or be sued in their own names as trustees or in the name of the corporation; and

            (4)      Do all other acts consistent with law and the charter of the corporation necessary or proper to liquidate the corporation and wind up its affairs.

      (d)      The director-trustees govern by majority vote.