Maryland § 14-118
Full text of Maryland Maryland Code § 14-118, with citation guidance and answers to common questions.
§ 14-118.
(a) If the minimum surplus of a corporation authorized under this subtitle required to be maintained by § 14-117 of this subtitle becomes impaired, the Commissioner immediately may determine the amount of deficiency and serve notice on the corporation and its board of directors to cure the deficiency within the time period specified by the Commissioner, which may not exceed 120 days after service of the notice.
(b) The corporation may cure the deficiency in cash or in assets eligible for the investment of the corporation’s funds under § 14-120 of this subtitle.
(c) Except as provided in subsection (d) of this section, if a corporation that has been notified of a deficiency under subsection (a) of this section does not cure the deficiency and file proof that it has done so with the Commissioner within the time period specified by the Commissioner:
(1) the corporation may be considered insolvent; and
(2) the Commissioner may institute delinquency proceedings against the corporation under Title 9, Subtitle 2 of this article.
(d) (1) The corporation may apply for a single extension of not more than 60 days to cure a deficiency.
(2) The Commissioner may grant the extension if:
(i) the corporation shows good cause why the deficiency was not cured in the initial time period specified by the Commissioner; and
(ii) the deficiency exists because the Commissioner required an increased surplus, disallowed certain assets, or reduced the value of certain assets carried in the corporation’s accounts.
Frequently Asked Questions About Maryland § 14-118
What does Maryland Code § 14-118 cover?
Section 14-118 is part of the Maryland Code, the codified statutory law of Maryland. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Maryland § 14-118?
A common citation format is "Maryland Code § 14-118" (Maryland). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Maryland law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Maryland official source linked on this page or consult a licensed Maryland attorney.
How does Maryland § 14-118 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Maryland can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Maryland.