(a) A director, stockholder, or creditor of a Maryland corporation which has had its charter forfeited may petition a court of equity to take jurisdiction of the liquidation of the corporation.
(b) After notice and hearing, the court for good cause shown may order the corporation liquidated under court supervision either by the directors as trustees or by one or more receivers appointed by the court.
(c) The authority of the director-trustees terminates when a court appoints a receiver.
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