Section 5-123 - Cessation in rendering professional services. - Maryland Statutes

§ 5-123. Cessation in rendering professional services.
 

(a)  Amendment to articles of incorporation.- If a professional corporation ceases to render professional services, it shall amend its articles of incorporation to: 

(1) Delete references to rendering professional services; and 

(2) Conform the name of the corporation to the requirements of Title 1, Subtitle 5 of this article. 

(b)  Continuance as business corporation.- After the amendment under subsection (a) of this section becomes effective, the corporation may continue in existence as a business corporation under Title 2 of this article and is no longer subject to this subtitle. 

(c)  Liability unaffected.- An amendment under subsection (a) of this section does not affect the liability of the professional corporation, its employees, or stockholders for a transaction, occurrence, or act that occurred while the corporation was subject to this subtitle. 
 

[1993, ch. 413, § 2; 1998, ch. 21, § 9.]