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§ 5-209. Disposition of property of charitable or religious corporations by court

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 2. Nonstock Corporations
MD Code, Corporations and Associations, § 5-209
§ 5-209. Disposition of property of charitable or religious corporations by court
Currentness
Disposable property
(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:
(1) Is not needed to pay the corporation's debts; and
(2)(i) Is not subject to valid requirements for its return to the donor or the donor's successor in interest by reason of the cessation of corporate activities; or
(ii) Is not claimed by the donor or the donor's successor in interest after receiving the notice provided for in subsection (b) of this section.
Notice
(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.
Similar character or purpose
(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.
Donor intention
(d) The intent of this section is that the circuit court may exercise the judicial power of cy-pres to fulfill, despite a change in circumstances, the general intention of the donor of the property for the use of the gift.

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 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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