MARVIN MANDEL, Governor                              1693

5-118. ANNUAL REPORT TO DEPARTMENT.

(A)   FILING REQUIREMENTS.

EVERY PROFESSIONAL CORPORATION SHALL FILE A     REPORT

WITH THE DEPARTMENT BY MARCH 31 OF EACH YEAR. THE   REPORT

SHALL BE MADE ON FORMS PRESCRIBED AND FURNISHED   BY THE
DEPARTMENT AND SHALL CONTAIN:

(1)   THE NAME AND ADDRESS OF EACH OF THE
STOCKHOLDERS OF THE PROFESSIONAL CORPORATION; AND

(2)    A CERTIFICATION THAT EACH STOCKHOLDER IS
LICENSED TO PERFORM THE APPROPRIATE PROFESSIONAL SERVICE
IN THE STATE.

(B)   ACKNOWLEDGMENT AND EXECUTION.

THE REPORT SHALL BE SIGNED AND ACKNOWLEDGED BY THE
PRESIDENT OR A VICE-PRESIDENT AND BY THE SECRETARY OR AN
ASSISTANT SECRETARY OF THE CORPORATION.

(C)   OTHER INFORMATION AND REPORTS.

THE DEPARTMENT MAY NOT REQUIRE THE REPORT TO CONTAIN
ANY FISCAL OR OTHER INFORMATION OTHER THAN THAT EXPRESSLY
REQUIRED BY THIS SECTION, AND NO OTHER ANNUAL REPORT
REQUIRED BY THIS ARTICLE NEED BE FILED.

(D)   PENALTY.

FAILURE TO FILE THE REPORT WITHIN THE TIME REQUIRED
SHALL BE PUNISHED IN ACCORDANCE WITH THE PROVISIONS
RELATING TO PENALTIES FOR FAILURE TO FILE A REPORT UNDER
ART. 81, §252 OF THE CODE.

REVISOR'S NOTE: This section presently appears as
Art. 23, §442.

In subsection (c) of this section, the
language has been clarified to indicate that
it is the Department that cannot require the
annual report to contain fiscal or other
information unless required by this section,
and not that the corporation is prohibited
from including such information.

The requirement for acknowledgment before a
notary public is changed to require simply
that the report be acknowledged. This
conforms with provisions in this article
dealing with acknowledgment. See Title 1,
Subtitle 3 of this article.