1664

LAWS OF MARYLAND

[Ch. 311

PROMPTLY AFTER THE CHARTER OF THE CORPORATION IS
REVIVED, THE PRESIDENT OR A DIRECTOR OF THE CORPORATION
SHALL CALL A MEETING OF THE STOCKHOLDERS TO ELECT A FULL
BOARD OF DIRECTORS, GIVING NOTICE IN THE MANNER REQUIRED
BY TITLE 2 OF THIS ARTICLE.

REVISOR'S NOTE: This section presently appears as

      Art. 23, §85(b).

The present language directing stockholders to
elect a fall board of directors at the meeting
is proposed for deletion. As a practical
matter, directors will be elected only if the
stockholders consider it appropriate.

The only other changes are in style.

3-513. EFFECT OF EXTENSION OR REVIVAL.

THE REINSTATEMENT AND EXTENSION OF A CORPORATION'S
EXISTENCE UNDER §3-501 OF THIS SUBTITLE OR THE REVIVAL OF
A CORPORATION'S CHARTER UNDER §3-508 OF THIS SUBTITLE HAS
THE FOLLOWING EFFECTS:

(1)         IF OTHERWISE DONE WITHIN THE SCOPE OF ITS
CHARTER, ALL CONTRACTS OR OTHER ACTS DONE IN THE NAME OF
THE CORPORATION WHILE THE CHARTER WAS VOID ARE VALIDATED,
AND THE CORPORATION IS LIABLE FOR THEM;

(2)         ALL THE ASSETS AND RIGHTS OF THE CORPORATION,
EXCEPT THOSE SOLD OR THOSE OF WHICH IT WAS OTHERWISE
DIVESTED WHILE THE CHAPTER WAS VOID, ARE RESTORED TO THE
CORPORATION TO THE SAME EXTENT THAT THEY WERE HELD BY THE
CORPORATION BEFORE TEE EXPIRATION OR FORFEITURE OF THE
CHARTER.

REVISOR'S NOTE: This section is new language which
combines without substantive change present
Art. 23, §§17 and 85(d).

The language of present §85(d), which refers
to the period when a forfeited or expired
charter is not in effect as the period when
the charter is "void," is adopted in this
section since it is broad enough to apply to
both forfeiture and expiration.

The provision validating corporate actions
done during the interim is combined with the
provision making the corporation liable for
them.

It should be noted that §3—515 of this article
makes it a misdemeanor to do business in a