Section 14-112 - Revocation of certificate of authority and institution of delinquency proceedings. - Maryland Statutes

§ 14-112. Revocation of certificate of authority and institution of delinquency proceedings.
 

The Commissioner may revoke a certificate of authority issued to a corporation subject to this subtitle, and at any time after revocation may institute proceedings under Title 9, Subtitle 2 of this article to rehabilitate or liquidate the corporation, if: 

(1) grounds exist under § 4-113 of this article; or 

(2) the Commissioner has reason to believe that the corporation: 

(i) is being operated for profit; 

(ii) is being fraudulently conducted; 

(iii) is not complying with this subtitle or article; 

(iv) knowingly is failing to comply with a rule, regulation, or order of the Commissioner; or 

(v) has violated the provisions of Title 6.5 of the State Government Article. 
 

[An. Code 1957, art. 48A, § 360; 1997, ch. 35, § 2; 1998, chs. 123, 124.]