Section 3-516 - Appointment of receiver on forfeiture. - Maryland Statutes

§ 3-516. Appointment of receiver on forfeiture.
 

(a)  Who may file petition.- A director, stockholder, or creditor of a Maryland corporation which has had its charter forfeited may petition a court of equity to take jurisdiction of the liquidation of the corporation. 

(b)  Power of court.- After notice and hearing, the court for good cause shown may order the corporation liquidated under court supervision either by the directors as trustees or by one or more receivers appointed by the court. 

(c)  Effect of appointment of receiver.- The authority of the director-trustees terminates when a court appoints a receiver. 
 

[1975, ch. 506; 1986, ch. 593, § 2.]