Maryland Code, CORPORATIONS AND ASSOCIATIONS 5-702
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Terms Used In Maryland Code, CORPORATIONS AND ASSOCIATIONS 5-702
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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) A charitable or religious Maryland nonstock corporation may petition a court of equity for a decree under § 5-209 of this title if:
(1) The dissolution of the corporation involves provisions for disposition of assets under § 5-208(b)(2) or (3) of this title; or
(2) A consolidation, merger, or transfer of assets of the corporation under § 5-207 of this title involves similar provisions for the successor corporation.
(b) The failure to petition a court of equity and obtain a decree does not affect the otherwise valid actions of the corporation in dissolution, consolidation, or merger, or in a transfer of assets.