Section 5-702 - Assets subject to charitable or other restrictions.
§ 5-702. Assets subject to charitable or other restrictions.
(a) Petition to court of equity under § 5-209 of this title.- A charitable or religious Maryland nonstock corporation may petition a court of equity for a decree under § 5-209 of this title if:
(1) The dissolution of the corporation involves provisions for disposition of assets under § 5-208(b)(2) or (3) of this title; or
(2) A consolidation, merger, or transfer of assets of the corporation under § 5-207 of this title involves similar provisions for the successor corporation.
(b) Validity of action not affected by lack of court decree.- The failure to petition a court of equity and obtain a decree does not affect the otherwise valid actions of the corporation in dissolution, consolidation, or merger, or in a transfer of assets.
[An. Code 1957, art. 23, § 136B; 1975, ch. 311, § 2; 1997, ch. 31, § 10; 2007, ch. 5, § 7.]