2534

LAWS OF MARYLAND

[Ch. 506

WHEN THE CHARTER OF A MARYLAND CORPORATION HAS
BEEN FORFEITED, IF ASSETS ARE AVAILABLE FOR DISTRIBUTION
TO STOCKHOLDERS AND THE TOTAL NUMBER OF OUTSTANDING
SHARES OF STOCK IS KNOWN OR DETERMINABLE FROM THE RECORDS
OF THE CORPORATION, THE DIRECTOR-TRUSTEES OR RECEIVER MAY
NOTIFY THE STOCKHOLDERS TO PROVE THEIR INTERESTS WITHIN A
SPECIFIED TIME AT LEAST 60 DAYS AFTER THE DATE OF THE
NOTICE. THE NOTICE SHALL BE MAILED TO EACH STOCKHOLDER
AT HIS ADDRESS AS IT APPEARS ON THE RECORDS OF THE
CORPORATION AND PUBLISHED AT LEAST ONCE A WEEK FOR THREE
SUCCESSIVE WEEKS IN A NEWSPAPER OF GENERAL CIRCULATION
PUBLISHED IN THE COUNTY IN WHICH THE PRINCIPAL OFFICE OF
THE CORPORATION IS LOCATED. THE DATE OF THE NOTICE IS
THE LATER OF THE DATE OF MAILING OR THE DATE OF FIRST
PUBLICATION.

(B)    DISTRIBUTION OF PRO RATA SHARES.

AFTER THE EXPIRATION OF THE TIME SPECIFIED IN
THE NOTICE, THE DIRECTORS-TRUSTEES OR RECEIVER MAY
DISTRIBUTE TO EACH STOCKHOLDER WHO HAS PROVED HIS
INTEREST HIS PROPORTIONATE SHARE OF THE ASSETS, RESERVING
THE SHARES OF THOSE WHO HAVE NOT PROVED THEIR INTERESTS.
THEREAFTER, THE DIRECTOR-TRUSTEES OR RECEIVER MAY INCUR
REASONABLE EXPENSES IN LOCATING THE REMAINING
STOCKHOLDERS AND SECURING PROOF OF INTERESTS FROM THEM
AND MAY CHARGE THE EXPENSES AGAINST THE FUNDS
UNDISTRIBUTED AT THE TIME THE EXPENSES ARE INCURRED.
FROM TIME TO TIME THE DIRECTOR-TRUSTEES OR RECEIVER MAY
DISTRIBUTE A PROPORTIONATE SHARE TO ANY STOCKHOLDER WHO
HAS PROVED HIS INTEREST SINCE THE PRIOR DISTRIBUTION.

(C)    FINAL DISTRIBUTION; DISCHARGE OF TRUSTEE OR
RECEIVER.

NO EARLIER THAN THREE YEARS FROM THE DATE OF
THE ORIGINAL NOTICE, THE DIRECTOR-TRUSTEES OR RECEIVER
MAY DISTRIBUTE ALL SURPLUS ASSETS REMAINING UNDER HIS
CONTROL TO THOSE STOCKHOLDERS WHO HAVE PROVED THEIR
INTERESTS AND ARE ENTITLED TO DISTRIBUTION. AFTER FINAL
DISTRIBUTION, THE INTEREST OF ANY STOCKHOLDER WHO HAS NOT
PROVED HIS INTEREST IS FOREVER BARRED AND FORECLOSED.

(D)    UNCLAIMED ASSETS.

[[EXCEPT AS PROVIDED IN §17-109 OF THE
COMMERCIAL LAW ARTICLE WITH RESPECT TO UNCLAIMED
INTANGIBLE PERSONAL PROPERTY:]]

(1) ANY ASSETS REMAINING UNCLAIMED 60 DAYS
AFTER THE FINAL DISTRIBUTION, WHETHER THROUGH FAILURE OR
INABILITY OF THE POSTAL AUTHORITIES TO DELIVER THE
DISTRIBUTION CHECKS OR FOR ANY OTHER REASON, [[SHALL
ESCHEAT TO THE STATE; AND]] IS PRESUMED ABANDONED AND