Except as otherwise provided by law, a corporation may not operate a mortuary science business and the Board may not issue a license to or list any corporation as licensed to operate a mortuary science business. The Board may renew only the license of a corporation that: On June 1, 1945, held a license issued by this State; Has been renewed continuously since that date; Submits an application on a form required by the Board; and Pays a fee set by the Board. Each application for renewal made by a corporation shall state the name and address of each officer and director of the corporation. While a corporation license is effective, it authorizes a corporation to operate a mortuary science business only if any practice of mortuary science that is conducted for the corporation is practiced by a licensed individual. A corporation may not operate a branch funeral establishment unless the branch funeral establishment was in operation on or before October 1, 1964. If a corporation is sold, declares bankruptcy, or ceases to operate, written notice must be submitted to: The Board, within 2 weeks of the occurrence, detailing the changes and the arrangements for carrying out the pre-need contracts and disbursement of the money held in escrow; and The holders of pre-need contracts advising them of their options under Maryland law.