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Martin O'Malley, Governor
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Ch.3
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"individual" are substituted for the former references to a "member,
trustee, or officer of the Corporation, or any private person" for brevity.
In subsection (a)(2) of this section, the former reference to a "part of" net
earnings is deleted as surplusage.
Defined term: "Corporation" § 11-101
11-406. DISPOSITION OF ASSETS ON LIQUIDATION.
ON THE LIQUIDATION, DISSOLUTION, OR WINDING UP OF THE CORPORATION,
AFTER PAYMENT OF THE OBLIGATIONS AND LIABILITIES OF THE CORPORATION, ALL
OF THE ASSETS OF THE CORPORATION SHALL BE TRANSFERRED TO ONE OR MORE
CORPORATIONS OR ASSOCIATIONS THAT:
(1) HAVE A CHARACTER OR PURPOSE SIMILAR TO THE CORPORATION'S;
(2) ARE SELECTED BY THE BOARD; AND
(3) QUALIFY UNDER § 501(C)(3) OF THE INTERNAL REVENUE CODE.
REVISOR'S NOTE: This section is new language derived without substantive
change from former Art. 10, § 45H(f).
In the introductory language of this section, the word u[o]n" is substituted
for the former phrase "[i]n the event of" for brevity.
Also in the introductory language of this section, the former phrase "in any
manner or for any reason whatever" is deleted as surplusage.
In item (1) of this section, the former reference to an "analogous" character
is deleted as included in the reference to a "similar" character.
In item (2) of this section, the reference to the "Board" is substituted for the
former reference to the "Corporation's trustees" for accuracy and
consistency within this title.
Defined terms: "Board" § 11-101
"Corporation" § 11-101
"Internal Revenue Code" § 11-101
11-407. ANNUAL AUDITS.
(A) REQUIRED.
(1) THE ACCOUNTS OF THE CORPORATION SHALL BE AUDITED
ANNUALLY.
(2) THE AUDITS SHALL BE CONDUCTED IN ACCORDANCE WITH
GENERALLY ACCEPTED AUDITING STANDARDS BY AN INDEPENDENT CERTIFIED
PUBLIC ACCOUNTANT.
(B) PROCEDURES.
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- 569 -
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