Maryland Code, CORPORATIONS AND ASSOCIATIONS 3-408
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Terms Used In Maryland Code, CORPORATIONS AND ASSOCIATIONS 3-408
- 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) Except as provided in subsection (b) of this section, the corporation is dissolved on the later of:
(1) The time the Department accepts the articles of dissolution for record; or
(2) The time established under the articles, not to exceed 30 days after the articles are accepted for record.
(b) The corporation continues to exist for the purpose of paying, satisfying, and discharging any existing debts or obligations, collecting and distributing its assets, and doing all other acts required to liquidate and wind up its business and affairs.