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§ 5-123. Cessation, amendment to articles

West's Annotated Code of MarylandCorporations and Associations

West's Annotated Code of Maryland
Corporations and Associations
Title 5. Special Types of Corporations (Refs & Annos)
Subtitle 1. Professional Service Corporations
MD Code, Corporations and Associations, § 5-123
§ 5-123. Cessation, amendment to articles
Currentness
Required amendments
(a) If a professional corporation ceases to render professional services, it shall amend its articles of incorporation to:
(1) Delete references to rendering professional services; and
(2) Conform the name of the corporation to the requirements of Title 1, Subtitle 5 of this article.
Continuation
(b) After the amendment under subsection (a) of this section becomes effective, the corporation may continue in existence as a business corporation under Title 2 of this article and is no longer subject to this subtitle.
Liability
(c) An amendment under subsection (a) of this section does not affect the liability of the professional corporation, its employees, or stockholders for a transaction, occurrence, or act that occurred while the corporation was subject to this subtitle.

Credits

Added by Acts 1993, c. 413, § 2. Amended by Acts 1998, c. 21, § 9, eff. April 14, 1998.
MD Code, Corporations and Associations, § 5-123, MD CORP & ASSNS § 5-123
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.
End of Document