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Ch. 150
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2002 LAWS OF MARYLAND
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(6) HAS BEEN OR IS THE SUBJECT OF AN APPLICATION FOR
APPOINTMENT OF A RECEIVER, TRUSTEE, CUSTODIAN, SEQUESTRATOR, OR SIMILAR
FIDUCIARY OF THE CONTINUING CARE PROVIDER OR ITS PROPERTY IN AN ACTION
THAT WAS NOT FILED UNDER THIS SUBTITLE, REGARDLESS OF WHETHER THE
APPOINTMENT:
(I) HAS BEEN MADE;
(II) MAY DENY THE COURTS OF THE STATE JURISDICTION; OR
(III) MAY PREJUDICE AN ORDERLY DELINQUENCY PROCEEDING
UNDER THIS SUBTITLE;
(7) HAS CONSENTED TO THE ORDER FOR CONSERVATION OR
REHABILITATION THROUGH A MAJORITY OF ITS DIRECTORS, STOCKHOLDERS,
MEMBERS, OR SUBSCRIBERS;
(8) HAS FAILED TO PAY A FINAL JUDGMENT RENDERED AGAINST IT IN
THE STATE ON A CONTINUING CARE AGREEMENT ISSUED OR ASSUMED BY THE
CONTINUING CARE PROVIDER, WITHIN 60 DAYS AFTER THE LATEST OF:
(I) THE DAY ON WHICH THE JUDGMENT BECAME FINAL;
(II) THE DAY ON WHICH THE TIME FOR TAKING AN APPEAL
EXPIRED; OR
(III) THE DAY ON WHICH AN APPEAL WAS DISMISSED BEFORE FINAL
TERMINATION;
(9) AFTER EXAMINATION BY THE SECRETARY, IS FOUND TO BE IN A
CONDITION IN WHICH FURTHER TRANSACTION OF ITS BUSINESS WILL BE
HAZARDOUS TO ITS SUBSCRIBERS, BONDHOLDERS, CREDITORS, OR THE PUBLIC;
(10) HAS FAILED TO REMOVE A PERSON THAT HAS EXECUTIVE
AUTHORITY IN FACT OVER THE CONTINUING CARE PROVIDER AFTER THE
SECRETARY HAS FOUND THAT PERSON TO BE DISHONEST OR UNTRUSTWORTHY IN A
MANNER THAT MAY AFFECT THE BUSINESS OF THE CONTINUING CARE PROVIDER;
(11) HAS REASONABLE CAUSE TO KNOW, OR SHOULD HAVE KNOWN,
THAT THERE HAS BEEN:
(I) EMBEZZLEMENT OF FUNDS FROM THE CONTINUING CARE
PROVIDER;
(II) WRONGFUL SEQUESTRATION OR DIVERSION OF ASSETS OF THE
CONTINUING CARE PROVIDER;
(III) FORGERY OR FRAUD THAT AFFECTS THE CONTINUING CARE
PROVIDER; OR
(IV) OTHER ILLEGAL CONDUCT IN, BY, OR WITH RESPECT TO THE
CONTINUING CARE PROVIDER;
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- 1510 -
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