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§ 12-912. Forfeiture of right to do business in State

West's Annotated Code of MarylandCorporations and AssociationsEffective: June 1, 2010

West's Annotated Code of Maryland
Corporations and Associations
Title 12. Statutory Trusts (Refs & Annos)
Subtitle 9. Foreign Statutory Trusts (Refs & Annos)
Effective: June 1, 2010
MD Code, Corporations and Associations, § 12-912
§ 12-912. Forfeiture of right to do business in State
In general
(a) The Department may forfeit the right of a foreign statutory trust to do business in the State if the foreign statutory trust fails to file with the Department any report or fails to pay any late filing penalty 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 penalty.
Effective date
(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 legal proceedings of any kind.
Notice
(c) The demand for a delinquent report or late filing penalty and the notice of forfeiture shall be addressed to the foreign statutory trust:
(1) At the address of the foreign statutory trust on file with the Department; or
(2) If the foreign statutory trust has no address on file with the Department, in care of the Secretary of State or corresponding official of the jurisdiction in which the foreign statutory trust was formed or is existing, if known to the Department.
Effect of forfeiture
(d) On forfeiture of the right of a foreign statutory trust to do business in the State, the foreign statutory trust is subject to the same rules, legal provisions, and sanctions as if it had never registered to do business in the State.

Credits

Added by Acts 2010, c. 611, § 1, eff. June 1, 2010.
MD Code, Corporations and Associations, § 12-912, MD CORP & ASSNS § 12-912
Current with all legislation from the 2023 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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