Section 3-415 - Appointment of receiver in involuntary dissolution - Insolvency. - Maryland Statutes

§ 3-415. Appointment of receiver in involuntary dissolution - Insolvency.
 

(a)  Power of court.- In a proceeding for involuntary dissolution brought under § 3-413(c) of this subtitle on grounds of insolvency, the court may declare the corporation dissolved if the corporation is proved or has been determined by judicial proceedings to be unable to meet its debts as they mature in the usual course of its business. 

(b)  Order of dissolution.- If the court orders the corporation dissolved, the court shall direct that the corporation be liquidated under court supervision by one or more receivers appointed by it. 
 

[An. Code 1957, art. 23, § 80; 1975, ch. 311, § 2.]