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<section article="gca" article_name="Corporations and Associations" number="3-515" title_number="3" title_name="Corporations in General -- Extraordinary Actions" subtitle_number="5" subtitle_name="Extension, Forfeiture, and Revival of Charter">
  <level label="a">
    <text>When the charter of a Maryland corporation has been forfeited, until a court appoints a receiver, the directors of the corporation shall manage its assets for purposes of liquidation.</text>
  </level>
  <level label="b">
    <text>Unless and until articles of revival are filed, the directors shall:</text>
    <level label="1">
      <text>Collect and distribute the assets, applying them to the payment, satisfaction, and discharge of existing debts and obligations of the corporation, including necessary expenses of liquidation; and</text>
    </level>
    <level label="2">
      <text>Distribute the remaining assets among the stockholders.</text>
    </level>
  </level>
  <level label="c">
    <text>The directors may:</text>
    <level label="1">
      <text>Carry out the contracts of the corporation;</text>
    </level>
    <level label="2">
      <text>Sell all or any part of the assets of the corporation at public or private sale;</text>
    </level>
    <level label="3">
      <text>Sue or be sued in the name of the corporation; and</text>
    </level>
    <level label="4">
      <text>Do all other acts consistent with law and the charter of the corporation necessary or proper to liquidate the corporation and wind up its affairs.</text>
    </level>
  </level>
  <level label="d">
    <text>Forfeiture of the charter of a corporation does not subject a director of the corporation to a standard of conduct other than the standard of conduct set forth in § 2–405.1 of this article.</text>
  </level>
</section>
