MARVIN MANDEL, Governor

1701

RELIGIOUS, ELEEMOSYNARY, BENEVOLENT, EDUCATIONAL, OR
SIMILAR PURPOSES, BUT NOT HELD SUBJECT TO LEGALLY VALID
REQUIREMENTS FOR THEIR RETURN, TRANSFER, OR CONVEYANCE BY
REASON OF DISSOLUTION, SHALL BE TRANSFERRED OR CONVEYED
UNDER A PLAN OF DISTRIBUTION, ADOPTED IK THE MANNER AND
BY THE VOTE REQUIRED FOR AUTHORISATION OF DISSOLUTION OF
THE CORPORATION, TO ONE OR MORE MARYLAND OR FOREIGN
CORPORATIONS OR ASSOCIATIONS HAVING A SIMILAR OR
ANALOGOUS CHARACTER OR PURPOSE, OR ASSOCIATED OR
CONNECTED WITH THE DISSOLVING CORPORATION;

(4)   OTHER ASSETS SHALL BE DISTRIBUTED AS
PROVIDED IN THE CHARTER OR THE BYLAWS TO THE EXTENT THAT
THE CHARTER OR BYLAWS DETERMINE THE DISTRIBUTIVE RIGHTS
OF MEMBERS OR ANY CLASS OR CLASSES OF MEMBERS, OR PROVIDE
FOR DISTRIBUTION TO OTHERS; AND

(5)    ANY REMAINING ASSETS MAY BE DISTRIBUTED
TO ANY PERSON, SOCIETY, ORGANIZATION, OR MARYLAND OR
FOREIGN CORPORATION SPECIFIED IN A PLAN OF DISTRIBUTION,
ADOPTED IN THE MANNER AND BY THE VOTE REQUIRED FOR
AUTHORIZATION OF DISSOLUTION OF THE CORPORATION.

(C) APPLICATION OF §3-412 OF TITLE 3 TO DISSOLUTION
OF A NONSTOCK CORPORATION.

UNLESS THE DECREE OF A COURT OF COMPETENT
JURISDICTION PROVIDES OTHER USE. THE PROVISIONS OF §3-412
OF THIS ARTICLE RELATING TO DISTRIBUTIONS IN DISSOLUTION
OF STOCK CORPORATIONS APPLY TO THE DISTRIBUTION OF ASSETS
TO ANY MEMBER OR OTHER PERSON ENTITLED OR OTHERWISE
DESIGNATED TO RECEIVE A DISTRIBUTION IN LIQUIDATION OF A
NONSTOCK CORPORATION. FOR PURPOSES OF THIS SECTION, THE
TERM "STOCKHOLDERS" IN §3-412 OF THIS ARTICLE INCLUDES
EVERY PERSON SO ENTITLED 08 DESIGNATED TO RECEIVE A
DISTRIBUTION IN LIQUIDATION.

REVISOR'S NOTE: This section presently appears as
Art. 23, §136A.

Throughout this section, the word
"liquidation" is deleted as unnecessary.

In subsection (b)(3) of this section, the
words "received and" are deleted as
unnecessary.

In subsection (b)(5) of this section, the
phrase "of any kind or nature as may be" is
deleted as unnecessary.

It should be noted that the word "directors"
in this section includes, by definition in
§1—101 of this article, trustees or any member