MARVIN MANDEL, Governor

1649

REVISOR'S NOTE: Subsections (a) and (b) of this
section presently appear as Art. 23, §79A (a)
and (b), respectively.

Subsection (c) of this section contains an
additional ground for dissolution of a
corporation, presently appearing as the first
sentence of Art. 23, §80. The term
"insolvent" is deleted and the definition of
that tern, as espoused by the Court of Appeals
inserted; in this regard, see, e.g., Kraft v.
Building Association 165 Md. 570 (1933).

The second sentence of present § 80, which
relates to procedures after a petition on
grounds of insolvency is filed, now appears in
§ 3-415.

The only other changes are in style.

3-414. APPOINTMENT OF RECEIVER IN INVOLUNTARY
DISSOLUTION -- IN GENERAL.

(A)   SCOPE OF SECTION.

THIS SECTION APPLIES TO ANY PROCEEDING FOR
INVOLUNTARY DISSOLUTION OF A CORPORATION, EXCEPT ONE
BROUGHT UNDER §3-413(C) OF THIS SUBTITLE ON GROUNDS OF
INSOLVENCY.

(B)   ACTION BY COURT.

IN A PROCEEDING FOR THE INVOLUNTARY DISSOLUTION OF
A CORPORATION, AFTER NOTICE AND HEARING, THE COURT:

(1)    MAY APPOINT ONE OR MORE TEMPORARY
RECEIVERS OR TRUSTEES TO TAKE CHARGE OF THE ASSETS AND
OPERATE THE BUSINESS OF THE CORPORATION, IF NECESSARY OR
PROPER TO PRESERVE THEM, PENDING A FINAL DETERMINATION AS
TO DISSOLUTION; AND

(2)    SHALL DETERMINE WHETHER THE CORPORATION
SHOULD BE DISSOLVED.

(C)   DISSOLUTION.

IF IT APPEARS THAT THE CORPORATION SHOULD BE
DISSOLVED, THE COURT SHALL ENTER A FINAL ORDER DISSOLVING
THE CORPORATION, AND DIRECT THAT IT BE LIQUIDATED UNDER
COURT SUPERVISION BY ONE OR MORE RECEIVERS APPOINTED BY
IT.

(D) POWERS OF RECEIVER OR TRUSTEE.