2013 Maryland Code
§ 3-411 - Appointment of receiver in voluntary dissolution

MD Corp & Assn Code § 3-411 (2013) What's This?


(a) A director, stockholder, or creditor of a Maryland corporation which is dissolving voluntarily 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 or by one or more receivers appointed by the court.

(c) The authority of the directors terminates when a court appoints a receiver.

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