1650

LAWS OF MARYLAND

[Ch. 311

A RECEIVER, TEMPORARY RECEIVER, OR TRUSTEE HAS ALL
THE POWERS OF A RECEIVER PROVIDED IN THIS SUBTITLE AND
ANY OTHER POWERS PROVIDED IN THE ORDER OF THE COURT,
INCLUDING THE POWER TO CONTINUE THE CORPORATE BUSINESS.

(E) POWERS OF COURT.

IP IT ORDERS DISSOLUTION, THE COURT MAY PROVIDE BY
ORDER:

(1)     FOR THE DISTRIBUTION IN KIND OF THE
ASSETS OF THE CORPORATION TO THE STOCKHOLDERS; OR

(2)    FOR SOME STOCKHOLDERS TO RECEIVE ASSETS
OF A DIFFERENT NATURE THAN OTHER STOCKHOLDERS HAVING THE
SAME TYPE OF INTEREST.

REVISOR'S NOTE: This section presently appears as
Art. 23, §79A(c).

In subsection (b) of this section, reference
to the "discretion" of the court is deleted as
unnecessary; in this regard, see revisor's
note to §3—411.

The only other changes are in style.

3-415.             APPOINTMENT OF RECEIVER IN INVOLUNTARY

DISSOLUTION—INSOLVENCY.

(A)   POWER OF COURT.

IN A PROCEEDING FOR INVOLUNTARY DISSOLUTION BROUGHT
UNDER §3-413(C) OF THIS SUBTITLE ON GROUNDS OF
INSOLVENCY, THE COURT MAY DECLARE THE CORPORATION
DISSOLVED IF THE CORPORATION IS PROVED OR HAS BEEN
DETERMINED BY JUDICIAL PROCEEDINGS TO BE UNABLE TO MEET
ITS DEBTS AS THEY MATURE IN THE USUAL COURSE OF ITS
BUSINESS.

(B)       APPOINTMENT OF RECEIVER.

IF THE COURT ORDERS THE CORPORATION DISSOLVED, THE
COURT SHALL DIRECT THAT THE CORPORATION BE LIQUIDATED
UNDER COURT SUPERVISION BY ONE OR MORE RECEIVERS
APPOINTED BY IT.

REVISOR'S NOTE: This section presently appears as
the second sentence of Art. 23, §80.

It has been revised to conform to the
provisions of §3-413(c); see revisor's note to
that section.