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§ 3-411. Appointment of receiver

West's Annotated Code of MarylandCorporations and Associations

West's Annotated Code of Maryland
Corporations and Associations
Title 3. Corporations in General--Extraordinary Actions (Refs & Annos)
Subtitle 4. Dissolution
MD Code, Corporations and Associations, § 3-411
§ 3-411. Appointment of receiver
Currentness
Who may file petition
(a) A director, stockholder, or creditor of a Maryland corporation which is dissolving voluntarily may petition a court of equity to take jurisdiction of the liquidation of the corporation.
Power of court
(b) After notice and hearing, the court for good cause shown may order the corporation liquidated under court supervision either by the directors or by one or more receivers appointed by the court.
Effect of appointment of receiver
(c) The authority of the directors terminates when a court appoints a receiver.

Credits

Added by Acts 1975, c. 311, § 2, eff. July 1, 1975. Amended by Acts 2004, c. 516, § 1, eff. June 1, 2004.
Formerly Art. 23, §§ 78, 79.
MD Code, Corporations and Associations, § 3-411, MD CORP & ASSNS § 3-411
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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