(a) At any time, the Department may authorize the Attorney General to institute proceedings against a corporation to determine whether the corporation has abused, misused, or failed to use its powers and franchises in a manner which, in the public interest, would make proper the forfeiture of its charter.
(b) If authorized by the Department, the Attorney General may petition a court of equity for forfeiture of the charter and dissolution of the corporation. The petition shall state the facts on which the forfeiture and dissolution of the corporation is sought.
(c) In its order, the court shall:
(1) Find that no legal cause for forfeiture exists, and dismiss the petition;
(2) Direct the corporation to remedy one or more grievances, on penalty of forfeiture of the charter if they are not remedied within the time set by the order; or
(3) (i) Find that legal cause for forfeiture has been shown and that the public interest requires a forfeiture;
(ii) Declare the charter forfeited and the corporation dissolved; and
(iii) Appoint a receiver of the assets of the corporation.
Structure Maryland Statutes
Title 3 - Corporations in General -- Extraordinary Actions
Subtitle 5 - Extension, Forfeiture, Andrevival of Charter
Section 3-501 - Power to Reinstate Expired Charter and Extend Corporate Existence
Section 3-502 - Contents and Execution of Articles of Extension
Section 3-503 - Forfeiture of Charter for Nonpayment of Taxes or Failure to File Report
Section 3-504 - Notice of Proclamation; Effect of Compliance
Section 3-505 - Correction of Mistakes
Section 3-506 - Other Remedies Not Affected
Section 3-507 - Procedure for Revival of Forfeited Charter
Section 3-508 - Contents of Articles of Revival
Section 3-509 - Conditions on Acceptance of Articles of Revival
Section 3-510 - Evidentiary Effect of Acceptance of Articles of Revival
Section 3-512 - Effect of Extension or Revival
Section 3-513 - Forfeiture of Charter for Misuse of Powers
Section 3-514 - Prohibition Against Doing Business After Forfeiture
Section 3-515 - Powers of Directors on Forfeiture
Section 3-516 - Appointment of Receiver on Forfeiture
Section 3-519 - Conditions on Expiration of Corporate Existence