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PARRIS N. GLENDENING, Governor
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Ch. 150
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(12) IS CONTROLLED DIRECTLY OR INDIRECTLY BY A PERSON THAT THE
SECRETARY FINDS TO BE UNTRUSTWORTHY; OR
(13) HAS FAILED TO FILE A FINANCIAL REPORT REQUIRED BY LAW
WITHIN THE TIME ALLOWED BY LAW AND, AFTER WRITTEN DEMAND BY THE
SECRETARY, HAS FAILED TO GIVE AN IMMEDIATE AND ADEQUATE EXPLANATION,
(B) (1) IF THE APPOINTMENT OF THE SECRETARY AS RECEIVER IS NOT
THEN IN EFFECT, AND EVEN IF NO PREVIOUS ORDER HAS DIRECTED THE SECRETARY
TO REHABILITATE A CONTINUING CARE PROVIDER, THE SECRETARY MAY APPLY TO
THE COURT FOR AN ORDER THAT APPOINTS THE SECRETARY AS RECEIVER AND
THAT DIRECTS THE SECRETARY TO LIQUIDATE THE CONTINUING CARE PROVIDER IF
THE CONTINUING CARE PROVIDER:
(I) HAS NOT DONE BUSINESS FOR AT LEAST 1 YEAR;
(II) IS A CONTINUING CARE PROVIDER DETERMINED TO HAVE A
SIGNIFICANT RISK OF FINANCIAL FAILURE UNDER § 17A OF THIS SUBTITLE AND HAS
COMMENCED VOLUNTARY LIQUIDATION OR DISSOLUTION, OR ATTEMPTS TO
COMMENCE OR PROSECUTE AN ACTION OR PROCEEDING TO LIQUIDATE ITS
BUSINESS OR AFFAIRS, TO DISSOLVE ITS CORPORATE CHARTER, OR TO PROCURE THE
APPOINTMENT OF A RECEIVER, TRUSTEE, CUSTODIAN, OR SEQUESTRATOR UNDER
ANY LAW EXCEPT THIS ARTICLE;
(III) IS DOING BUSINESS IN A FRAUDULENT MANNER; OR
(IV) IS IN A CONDITION IN WHICH FURTHER REHABILITATION
EFFORTS ON ANY GROUNDS SPECIFIED IN SUBSECTION (A) OF THIS SECTION APPEAR
TO BE USELESS.
(2) IF AT ANY TIME DURING A REHABILITATION PROCEEDING THE
SECRETARY DETERMINES THAT FURTHER EFFORTS TO REHABILITATE THE
CONTINUING CARE PROVIDER WOULD BE USELESS, THE SECRETARY MAY APPLY TO
THE COURT FOR AN ORDER OF LIQUIDATION.
20H.
(A) (1) AN ORDER TO REHABILITATE A CONTINUING CARE PROVIDER
SHALL:
(I) APPOINT THE SECRETARY AS REHABILITATOR;
(II) DIRECT THE SECRETARY:
1. TO TAKE POSSESSION OF THE PROPERTY OF THE
CONTINUING CARE PROVIDER AND CONDUCT THE BUSINESS OF THE CONTINUING
CARE PROVIDER UNDER THE GENERAL SUPERVISION OF THE COURT; AND
2. TO TAKE ACTION THE COURT DIRECTS TO REMOVE THE
CAUSES AND CONDITIONS THAT HAVE MADE REHABILITATION NECESSARY;
(III) VEST TITLE TO ALL PROPERTY OF THE CONTINUING CARE
PROVIDER IN THE REHABILITATOR; AND
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- 1511 -
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