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2021 Maryland Statutes
Corporations and Associations
Title 5 - Special Types of Corporations
Subtitle 7 - Miscellaneous
Section 5-702 - Assets Subject to Charitable or Other Restrictions
Universal Citation:
MD Corporations and Associations Code Ann. § 5-702 (2021)
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(a) A charitable or religious Maryland nonstock corporation may petition a court of equity for a decree under § 5–209 of this title if:
(1) The dissolution of the corporation involves provisions for disposition of assets under § 5–208(b)(2) or (3) of this title; or
(2) A consolidation, merger, or transfer of assets of the corporation under § 5–207 of this title involves similar provisions for the successor corporation.
(b) The failure to petition a court of equity and obtain a decree does not affect the otherwise valid actions of the corporation in dissolution, consolidation, or merger, or in a transfer of assets.
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