Terms Used In Maryland Code, CORPORATIONS AND ASSOCIATIONS 3-116

  • 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 Maryland corporation which consolidates, merges, or transfers its assets waives all claim to any exemption from:

(1) Taxation granted by its charter; and

(2) Repeal or modification of its charter.