Section 3-302 - Sale of property or franchise under court order. - Maryland Statutes

§ 3-302. Sale of property or franchise under court order.
 

(a)  Successor may be organized.- If the property and franchises of a Maryland corporation are sold under a court order or under a mortgage or deed of trust, a Maryland corporation organized for the purpose of continuing the operations of the original corporation may acquire the property or franchises. 

(b)  Power of purchasing corporation.- With respect to this property, the purchasing corporation has the same rights, privileges, and franchises and is subject to the same limitations, restrictions, and liabilities with respect to the exercise of these rights, privileges, or franchises as the original corporation. 
 

[An. Code 1957, art. 23, § 127; 1975, ch. 311, § 2; 1988, ch. 280, § 2; ch. 281, § 2.]