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2020 Maryland Statutes
Corporations and Associations
Title 3 - Corporations in General -- Extraordinary Actions
Subtitle 5 - Extension, Forfeiture, Andrevival of Charter
Section 3-516 - Appointment of Receiver on Forfeiture
Universal Citation:
MD. Corporations and Associations Code Ann. § 3-516 (2020)
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(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.
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