{"data":{"id":"us-md/md.-code-corporations-and-associations-3-410","jurisdiction":"us-md","citation":"Md. Code, Corporations and Associations § 3–410","heading":"","body":"(a) When a Maryland corporation is voluntarily dissolved, until a court appoints a receiver, the business and affairs of the corporation shall be managed under the direction of the board of directors solely for the purpose set forth in § 3-408(b) of this subtitle.\n(b) On behalf of the corporation, the directors shall:\n(1) Collect and distribute the assets, applying them to the payment, satisfaction, and discharge of existing debts and obligations of the corporation, including necessary expenses of liquidation; and\n(2) Distribute the remaining assets among the stockholders.\n(c) The directors may:\n(1) Carry out the contracts of the corporation;\n(2) Sell all or any part of the assets of the corporation at public or private sale;\n(3) Sue or be sued in the name of the corporation; and\n(4) Do all other acts consistent with law and the charter of the corporation necessary or proper to liquidate the corporation and wind up its affairs.\n(d) Dissolution of a corporation does not subject the directors of a corporation to a standard of conduct other than the standards of conduct for directors set forth in § 2-405.1 of this article.","path":["Article - Corporations and Associations"],"source_url":"https://mgaleg.maryland.gov/mgawebsite/Laws/StatuteText?article=gca\u0026section=3-410","current_through":"2026-01-01","vintage":"","retrieved_at":"2026-09-14T19:56:43Z","sha256":"e350c274f8b97aa1528e53ab04a73004ff4d0f97982ad4612fb64bb01712d74b","source_id":"us-md","stale":false,"prev":"us-md/md.-code-corporations-and-associations-3-408","next":"us-md/md.-code-corporations-and-associations-3-411"},"notice":"GroundRules: Original legal text. Not legal advice."}