(a) This section applies to any proceeding for involuntary dissolution of a corporation, except one brought under § 3-413(c) of this subtitle on grounds of insolvency.
(b) In a proceeding for the involuntary dissolution of a corporation, after notice and hearing, the court:
(1) May appoint one or more temporary receivers or trustees to take charge of the assets and operate the business of the corporation, if necessary or proper to preserve them, pending a final determination as to dissolution; and
(2) Shall determine whether the corporation should be dissolved.
(c) If it appears that the corporation should be dissolved, the court shall enter a final order dissolving the corporation, and direct that it be liquidated under court supervision by one or more receivers appointed by it.
(d) A receiver, temporary receiver, or trustee has all the powers of a receiver provided in this subtitle and any other powers provided in the order of the court, including the power to continue the corporate business.
(e) If it orders dissolution, the court may provide by order:
(1) For the distribution in kind of the assets of the corporation to the stockholders; or
(2) For some stockholders to receive assets of a different nature than other stockholders having the same type of interest.
Structure Maryland Statutes
Title 3 - Corporations in General -- Extraordinary Actions
Section 3-402 - Approval of Voluntary Dissolution -- No Stock Outstanding or Subscribed For
Section 3-403 - Approval of Voluntary Dissolution -- Stock Outstanding or Subscribed For
Section 3-404 - Notice to Creditors and Employees of Voluntary Dissolution
Section 3-405 - Abandonment or Rescission of Voluntary Dissolution
Section 3-406 - Articles of Dissolution
Section 3-407 - Filing Articles With Department; Payment of Taxes
Section 3-408 - Time Voluntary Dissolution Effective
Section 3-410 - Powers of Directors in Voluntary Dissolution
Section 3-411 - Appointment of Receiver in Voluntary Dissolution
Section 3-412 - Distributions to Stockholders in Voluntary Dissolution
Section 3-413 - Grounds for Petition by Stockholders or Creditors for Involuntary Dissolution
Section 3-414 - Appointment of Receiver in Involuntary Dissolution -- in General
Section 3-415 - Appointment of Receiver in Involuntary Dissolution -- Insolvency
Section 3-416 - Appointment of Officer, Director, or Stockholder as Receiver
Section 3-417 - Certification of Involuntary Dissolution to Department; Notice to Tax Collectors
Section 3-418 - Powers of Receiver in Voluntary and Involuntary Dissolution