(a) If a professional corporation ceases to render professional services, it shall amend its articles of incorporation to:
(1) Delete references to rendering professional services; and
(2) Conform the name of the corporation to the requirements of Title 1, Subtitle 5 of this article.
(b) After the amendment under subsection (a) of this section becomes effective, the corporation may continue in existence as a business corporation under Title 2 of this article and is no longer subject to this subtitle.
(c) An amendment under subsection (a) of this section does not affect the liability of the professional corporation, its employees, or stockholders for a transaction, occurrence, or act that occurred while the corporation was subject to this subtitle.
Structure Maryland Statutes
Title 5 - Special Types of Corporations
Subtitle 1 - Professional Service Corporations
Section 5-102 - Single or Multiple Professions; Corporate Form
Section 5-104 - Limitation on Activities; Investments
Section 5-105 - Professional Service to Be Performed Through Licensed Individuals
Section 5-106 - Corporate Name -- General Requirements
Section 5-107 - Inclusion of Stockholder's Surname; Exception
Section 5-108 - Certificate of Authorization for Use of Corporate Name
Section 5-109 - Issuance of Stock
Section 5-110 - Statement on Stock Certificate
Section 5-111 - Transfer of Stock
Section 5-112 - Electing to Be Professional Corporation
Section 5-114 - Acquisition of Stock Upon Death or Disqualification of Stockholder; Proceedings
Section 5-115 - Proceeding to Determine Fair Value
Section 5-116 - Assessment of Costs and Fees in Appraisal Proceeding
Section 5-117 - Directors and Officers
Section 5-118 - Proxy; Voting Trusts
Section 5-119 - Relationship With Client or Patient
Section 5-120 - Privileged Communications
Section 5-121 - Liability for Negligent or Wrongful Act
Section 5-123 - Cessation in Rendering Professional Services
Section 5-124 - Proceeding to Dissolve Professional Corporation
Section 5-125 - Foreign Professional Corporation
Section 5-126 - Foreign Professional Corporation -- Required Information
Section 5-127 - Foreign Professional Corporation -- Revocation of Certificate
Section 5-128 - Adoption of Regulations
Section 5-129 - Jurisdiction Not Restricted; Effect on Standards of Professional Conduct
Section 5-130 - Repeal of Statute by Enactment
Section 5-132 - Suspension or Revocation of Articles of Incorporation