1644

LAWS OF MARYLAND

[Ch. 311

UP ITS BUSINESS AND AFFAIRS.

REVISOR'S NOTE: This section presently appears as
Art. 23, §76(b).

The only changes are in style.

3-409. PROCEDURE BY DEPARTMENT AFTER ACCEPTANCE OF
ARTICLES.

(A)   PUBLICATION OF NOTICE.

AFTER THE DEPARTMENT ACCEPTS ARTICLES OF DISSOLUTION
FOR RECORD, THE DEPARTMENT SHALL PUBLISH A NOTICE WHICH
NAMES THE CORPORATION AND STATES THAT ITS ARTICLES OF
DISSOLUTION HAVE BEEN ACCEPTED FOR RECORD BY THE
DEPARTMENT.

(B)       MANNER OF PUBLICATION.

THE NOTICE SHALL BE PUBLISHED ONCE A WEEK FOR FOUR
SUCCESSIVE WEEKS IN A NEWSPAPER OF GENERAL CIRCULATION IN
THE COUNTY IN WHICH THE PRINCIPAL OFFICE OF THE
CORPORATION IS LOCATED.

(C)   FAILURE TO PUBLISH.

FAILURE OF THE DEPARTMENT TO PUBLISH THE NOTICE DOES
NOT INVALIDATE THE DISSOLUTION.

REVISOR'S NOTE: This section presently appears as
Art. 23, §76(c).

The only changes are in style.

3-410. POWERS OF DIRECTORS IN VOLUNTARY DISSOLUTION.

(A)   DIRECTORS BECOME TRUSTEES.

WHEN       A MARYLAND CORPORATION IS VOLUNTARILY

DISSOLVED,      UNTIL A COURT APPOINTS A RECEIVER, THE

DIRECTORS     OF THE CORPORATION BECOME THE TRUSTEES OF ITS

ASSETS FOR PURPOSES OF LIQUIDATION.

(B)   GENERAL POWERS.

THE DIRECTOR-TRUSTEES ABE VESTED IN THEIR CAPACITY
AS TRUSTEES WITH FULL TITLE TO ALL THE ASSETS OF THE
CORPORATION. THEY SHALL:

(1) COLLECT AND DISTRIBUTE THE ASSETS,
APPLYING THEM TO THE PAYMENT, SATISFACTION, AND DISCHARGE
OF EXISTING DEBTS AND OBLIGATIONS OF THE CORPORATION,
INCLUDING NECESSARY EXPENSES OF LIQUIDATION; AND