Section 5-132 - Suspension or revocation of articles of incorporation. - Maryland Statutes

§ 5-132. Suspension or revocation of articles of incorporation.
 

A licensing unit may direct the Department to suspend or revoke the articles of incorporation of a professional corporation if: 

(1) All stockholders of the professional corporation have at any one time become disqualified persons; 

(2) The professional corporation knowingly employs or retains in its employment a licensed person who, for any reason, becomes legally disqualified to render the professional service that the professional corporation was organized to render; 

(3) The professional corporation violates any applicable rule or regulation adopted by the licensing unit regulating a profession named in the professional corporation's articles of incorporation; or 

(4) The professional corporation violates any statute applicable to a professional corporation. 
 

[1993, ch. 413, § 2.]