Section 3-411 - Appointment of receiver in voluntary dissolution.
§ 3-411. Appointment of receiver in voluntary dissolution.
(a) Who may file petition.- A director, stockholder, or creditor of a Maryland corporation which is dissolving voluntarily may petition a court of equity to take jurisdiction of the liquidation of the corporation.
(b) Power of court.- After notice and hearing, the court for good cause shown may order the corporation liquidated under court supervision either by the directors or by one or more receivers appointed by the court.
(c) Effect of appointment of receiver.- The authority of the directors terminates when a court appoints a receiver.
[An. Code 1957, art. 23, §§ 78, 79; 1975, ch. 311, § 2; 2004, ch. 516.]