Maryland Code, CORPORATIONS AND ASSOCIATIONS 5-123
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Terms Used In Maryland Code, CORPORATIONS AND ASSOCIATIONS 5-123
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
(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.
(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.
(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.