BLAIR LEE III, Acting Governor

1307

IDENTIFY THE PROPERTY.

(II) THE DEPARTMENT SHALL INDICATE ON THE
CERTIFICATE THE TIME THE ARTICLES ARE ACCEPTED FOR RECORD
AND SEND A COPY OF IT TO THE CHIEF ASSESSOR OF THE COUNTY
WHERE THE PROPERTY IS LOCATED.

(5) A TRANSFER, VESTING, OR DEVOLUTION OF TITLE
TO THE PROPERTY IS NOT INVALIDATED OR OTHERWISE AFFECTED BY
ANY ERROR OR DEFECT IN THE PROPERTY CERTIFICATE, FAILURE TO
FILE IT, OR FAILURE BY THE DEPARTMENT TO ACT ON IT.

(L) IF THE SUCCESSOR IN A MERGER IS A MARYLAND REAL
ESTATE INVESTMENT TRUST, A MERGER IS EFFECTIVE AS OF THE
LATER OF:

(1)    THE TIME THE DEPARTMENT ACCEPTS THE
ARTICLES OF MERGER FOR RECORD; OR

(2)    THE TIME ESTABLISHED UNDER THE ARTICLES,
NOT TO EXCEED 30 DAYS AFTER THE ARTICLES ARE ACCEPTED FOR
RECORD.

(M) (1) IF THE SUCCESSOR IN A   MERGER IS A FOREIGN

CORPORATION OR A MARYLAND OR FOREIGN   BUSINESS TRUST, OTHER

THAN A MARYLAND REAL ESTATE INVESTMENT   TRUST, THE MERGER IS
EFFECTIVE AS OF THE LATER OF:

(I)    THE TIME SPECIFIED BY THE LAW OF THE
PLACE WHERE THE SUCCESSOR IS ORGANIZED; OR

(II)   THE TIME THE DEPARTMENT ACCEPTS THE
ARTICLES OF MERGER FOR RECORD.

(2) A FOREIGN SUCCESSOR IN A MERGER SHALL FILE
FOR RECORD WITH THE DEPARTMENT A CERTIFICATE FROM THE PLACE
WHERE IT IS ORGANIZED WHICH CERTIFIES THE DATE THE ARTICLES
OF MERGER WERE FILED. HOWEVER, THE FAILURE TO FILE THIS
CERTIFICATE DOES NOT INVALIDATE THE MERGER.

(N) (1) CONSUMMATION OF A MERGER HAS THE EFFECTS
PROVIDED IN THIS SUBSECTION.

(2)    THE SEPARATE EXISTENCE OF EACH BUSINESS
TRUST AND CORPORATION PARTY TO THE ARTICLES, EXCEPT THE
SUCCESSOR, CEASES,

(3)    THE SHARES OF EACH BUSINESS TRUST PARTY TO
THE ARTICLES WHICH ARE TO BE CONVERTED OR EXCHANGED UNDER
THE TERMS OF THE ARTICLES CEASE TO EXIST, SUBJECT TO THE
RIGHTS OF AN OBJECTING SHAREHOLDER UNDER SUBSECTION (I) OF
THIS SECTION.

(4)    IN ADDITION TO ANY OTHER PURPOSES AND
POWERS SET FORTH IN THE ARTICLES, IF THE ARTICLES PROVIDE,
THE SUCCESSOR HAS THE PURPOSES AND POWERS OF EACH PARTY TO
THE ARTICLES.