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2298
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Ch. 465
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LAWS OF MARYLAND
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THIS SECTION DOES MOT PROHIBIT A LIMITED PARTNERSHIP
FROM USING THE TERM "LIMITED PARTNERSHIP" IN ITS MAKE.
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SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1977.
Approved May 17, 1977.
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CHAPTER 466
(House Bill 678)
AN ACT concerning
Religious Corporations — Corrective
FOR the purpose of correcting an error in certain of the
provisions relating to the liabilities of directors;
and clarifying that the proceedings of a religious
corporation to be presented before a public meeting
under certain circumstances are those recorded in
the record book of the religious corporation.
BY repealing and reenacting, with amendments,
Article — Corporations and Associations
Section Sections 2-315(c) and 5-307 (a)
Annotated Code of Maryland
(1975 Volume and 1976 Supplement)
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SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That Section Sections 2-315(c) and 5-307(a) of
Article - Corporations and Associations, of the
Annotated Code of Maryland (1975 Volume and 1976
Supplement) be and it is they are hereby repealed and
reenacted, with amendments, to read as follows:
Article — Corporations and Associations
2-315.
(c) A director who votes for or assents to any
distribution of assets of a corporation to its
stockholders during the liquidation of the corporation
without the payment and discharge of or making adequate
provision for all known debts, obligations, and
liabilities of the corporation is liable to the
corporation, jointly and severally with all other
directors so voting or assenting, for the amount [by
which the value of the assets distributed exceeds the
amount of] OF THE DISTRIBUTION, TO THE EXTENT THAT those
debts, obligations, and liabilities of the corporation
[which] are not subsequently paid or discharged.
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