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§ 7-304. Forfeiture of right to do intrastate business

West's Annotated Code of MarylandCorporations and Associations

West's Annotated Code of Maryland
Corporations and Associations
Title 7. Foreign Corporations (Refs & Annos)
Subtitle 3. Sanctions
MD Code, Corporations and Associations, § 7-304
§ 7-304. Forfeiture of right to do intrastate business
Currentness
Forfeiture
(a) The Department may forfeit the right of any foreign corporation to do intrastate business in this State if the corporation fails to file with the Department any report or fails to pay any late filing penalties required by law:
(1) Within the time required by law; and
(2) Thereafter, within 30 days after the Department makes a written demand for the delinquent report or late filing penalties.
Effectiveness of forfeiture
(b) Unless the Department excuses a reasonable delay for good cause shown, the forfeiture is effective 15 days after written notice of forfeiture from the Department, without proceedings of any kind either at law or in equity.
Demand for report
(c) The demand for a delinquent report or late filing penalties and the notice of forfeiture shall be addressed to the corporation:
(1) At its address on file with the Department; or
(2) If it has no address on file with the Department, in care of the Secretary of State or corresponding official of the place where it was organized or is existing, if known to the Department.
Rules applying to forfeited business
(d) On forfeiture of its right to do intrastate business in this State, the foreign corporation is subject to the same rules, legal provisions, and sanctions as if it had never qualified or been licensed to do business in this State.

Credits

Added by Acts 1975, c. 311, § 2, eff. July 1, 1975. Amended by Acts 1983, c. 24.
Formerly Art. 81, § 253.
MD Code, Corporations and Associations, § 7-304, MD CORP & ASSNS § 7-304
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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