2013 Maryland Code
§ 5-132 - Suspension or revocation of articles of incorporation

MD Corp & Assn Code § 5-132 (2013) What's This?


A licensing unit may direct the Department to suspend or revoke the articles of incorporation of a professional corporation if:

(1) All stockholders of the professional corporation have at any one time become disqualified persons;

(2) The professional corporation knowingly employs or retains in its employment a licensed person who, for any reason, becomes legally disqualified to render the professional service that the professional corporation was organized to render;

(3) The professional corporation violates any applicable rule or regulation adopted by the licensing unit regulating a profession named in the professional corporation’s articles of incorporation; or

(4) The professional corporation violates any statute applicable to a professional corporation.

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