§ 5-209. Disposition of property of charitable or religious corporations by court
West's Annotated Code of MarylandCorporations and Associations
MD Code, Corporations and Associations, § 5-209
§ 5-209. Disposition of property of charitable or religious corporations by court
(a) If a charitable or religious corporation is or is about to be dissolved, or for any reason it is impracticable or inexpedient to continue the corporation's activities, a circuit court may order the disposition of corporate property that:
(b) Notice of the substance and purpose of the complaint or petition shall be given to the donor of the property or the donor's successor in interest by personal service or by publication in the manner the court directs.
(c) To the extent possible, the court shall direct or provide for the transfer of the corporation's property to another corporation or association having a similar or analogous character or purpose, or associated or connected with the corporation.
Credits
Added by Acts 1997, c. 31, § 1, eff. Oct. 1, 1997. Amended by Acts 1998, c. 21, § 1, eff. April 14, 1998.
Formerly Art. 16, § 127.
MD Code, Corporations and Associations, § 5-209, MD CORP & ASSNS § 5-209
Current through legislation effective through May 9, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
End of Document |