MARVIN MANDEL, Governor

1643

THAT ALL TAXES NOT BARRED BY LIMITATIONS WHICH ARE LEVIED
ON ASSESSMENTS MADE BY THE DEPARTMENT AND BILLED BY AND
PAYABLE TO THEM BY THE CORPORATION, INCLUDING TAXES FOR
THE CURRENT YEAR, ARE PAID OR PROVIDED FOR IN A MANNER
SATISFACTORY TO THEM.

REVISOR'S NOTE: Subsection (a) of this section is
new language derived without substantive
change from Art. 23, §76 (a) (4).

Subsection (b)(1) of this section presently
appears as the last sentence of Art. 23,
§77(c).

Subsection (b) (2) of this section presently
appears as the second sentence of §77(c).

Subsection (c) (1) of this section presently
appears as the last phrase of Art. 23,
§76(a)(4).

The balance of subsection (c) of this section
presently appears as the first sentence of
Art. 23, §77(c).

Statutory cross—references have been deleted

throughout in favor of a description of   the

cross—referenced section. Under Art.        81,

§49A, when a corporation dissolves,      the

payment date for personal property taxes     is

accelerated. The period of limitations   for

payment of taxes is spelled out in Art.      81,
§212, among other places.

Reference to the filing fees charged by the
Department is omitted as unnecessary in light
of §1—201 of this article.

The only other changes are in style.

3-408. TIME VOLUNTARY DISSOLUTION EFFECTIVE.

(A)   EFFECTIVE ON ACCEPTANCE OF ARTICLES.

EXCEPT AS PROVIDED IN SUBSECTION (B) OF THIS
SECTION, THE CORPORATION IS DISSOLVED WHEN THE DEPARTMENT
ACCEPTS ITS ARTICLES OF DISSOLUTION FOR RECORD.

(B)   WINDING UP.

THE CORPORATION CONTINUES TO EXIST FOR THE PURPOSE
OF PAYING, SATISFYING, AND DISCHARGING ANY EXISTING DEBTS
OR OBLIGATIONS, COLLECTING AND DISTRIBUTING ITS ASSETS,
AND DOING ALL OTHER ACTS REQUIRED TO LIQUIDATE AND WIND