MARVIN MANDEL, Governor                              2535

SHALL BE REPORTED TO THE ABANDONED PROPERTY UNIT OF THE
STATE COMPTROLLER'S OFFICE IN ACCORDANCE WITH TITLE 17 OF
THE COMMERCIAL LAW ARTICLE. THE MARYLAND UNIFORM
DISPOSITION OF UNCLAIMED PROPERTY ACT.

(2) THE DIRECTOR-TRUSTEES OR RECEIVER ARE
RELEASED AND DISCHARGED FROM ALL FURTHER LIABILITY IN THE
MATTER ON PAYMENT OR DELIVERY OF ALL UNCLAIMED ASSETS TO
THE [[STATE TREASURY]] ABANDONED PROPERTY UNIT OF THE
STATE COMPTROLLER'S OFFICE.

3-519. DISTRIBUTIONS TO STOCKHOLDERS ON FORFEITURE -
WHEN NUMBER OF OUTSTANDING SHARES UNKNOWN.

(A)    NOTICE TO STOCKHOLDERS TO PROVE INTEREST.

WHEN THE CHARTER OF A MARYLAND CORPORATION HAS
BEEN FORFEITED, IF ASSETS ARE AVAILABLE FOR DISTRIBUTION
TO STOCKHOLDERS, BUT THE TOTAL NUMBER OF OUTSTANDING
SHARES OF STOCK IS UNKNOWN AND INDETERMINABLE FROM THE
RECORDS OF THE CORPORATION, THE DIRECTOR-TRUSTEES OR
RECEIVER SHALL NOTIFY THE STOCKHOLDERS TO PROVE THEIR
INTERESTS WITHIN A SPECIFIED TIME AT LEAST SIX MONTHS
AFTER THE DATE OF THE NOTICE. THE NOTICE SHALL SPECIFY
THE ADDRESS AT WHICH PROOF OF INTEREST IS TO BE GIVEN AND
SHALL BE MAILED TO EACH KNOWN 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)    PROOF OF INTEREST; CONCLUSIVE PRESUMPTION.

(1)    PROOF OF THE INTEREST OF A STOCKHOLDER
SHALL BE EVIDENCED BY VALID STOCK CERTIFICATES AND SHALL
BE GIVEN AT THE ADDRESS SPECIFIED IN THE NOTICE.

(2)    ON EXPIRATION OF THE TIME SPECIFIED IN
THE NOTICE, IT SHALL BE CONCLUSIVELY PRESUMED THAT, FOR
THE PURPOSE OF THE DISTRIBUTION OF ASSETS, THE TOTAL
NUMBER OF SHARES OF STOCK ENTITLED TO DISTRIBUTION IS
THAT NUMBER FOR WHICH INTERESTS HAVE BEEN PROVEN WITHIN
THE TIME SPECIFIED.

(C)    DISTRIBUTION OF PRO RATA SHARES.

WITHIN 90 DAYS AFTER THE EXPIRATION OF THE
TIME SPECIFIED IN THE NOTICE, AFTER DEDUCTING THE
REASONABLE EXPENSES, INCLUDING REASONABLE TRUSTEES' OR
RECEIVER'S FEES, INCURRED BY THEM IN WINDING UP THE
AFFAIRS OF THE CORPORATION, THE DIRECTOR-TRUSTEES OR
RECEIVER SHALL DISTRIBUTE TO EACH STOCKHOLDER WHO HAS