{"data":{"id":"us-md/md.-code-corporations-and-associations-3-515","jurisdiction":"us-md","citation":"Md. Code, Corporations and Associations § 3–515","heading":"","body":"(a) When the charter of a Maryland corporation has been forfeited, until a court appoints a receiver, the directors of the corporation shall manage its assets for purposes of liquidation.\n(b) Unless and until articles of revival are filed, 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) Forfeiture of the charter of a corporation does not subject a director of the corporation to a standard of conduct other than the standard of conduct 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=3-515","current_through":"2026-01-01","vintage":"","retrieved_at":"2026-09-14T19:56:43Z","sha256":"3332eb80a8a88900d6467a09e6cc60b040477d99bfdadf56d1bd40c43566a2c1","source_id":"us-md","stale":false,"prev":"us-md/md.-code-corporations-and-associations-3-514","next":"us-md/md.-code-corporations-and-associations-3-516"},"notice":"GroundRules: Original legal text. Not legal advice."}