Maryland § 3-414
Full text of Maryland Maryland Code § 3-414, with citation guidance and answers to common questions.
§ 3-414.
(a) This section applies to any proceeding for involuntary dissolution of a corporation, except one brought under § 3-413(c) of this subtitle on grounds of insolvency.
(b) In a proceeding for the involuntary dissolution of a corporation, after notice and hearing, the court:
(1) May appoint one or more temporary receivers or trustees to take charge of the assets and operate the business of the corporation, if necessary or proper to preserve them, pending a final determination as to dissolution; and
(2) Shall determine whether the corporation should be dissolved.
(c) If it appears that the corporation should be dissolved, the court shall enter a final order dissolving the corporation, and direct that it be liquidated under court supervision by one or more receivers appointed by it.
(d) A receiver, temporary receiver, or trustee has all the powers of a receiver provided in this subtitle and any other powers provided in the order of the court, including the power to continue the corporate business.
(e) If it orders dissolution, the court may provide by order:
(1) For the distribution in kind of the assets of the corporation to the stockholders; or
(2) For some stockholders to receive assets of a different nature than other stockholders having the same type of interest.
Frequently Asked Questions About Maryland § 3-414
What does Maryland Code § 3-414 cover?
Section 3-414 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 § 3-414?
A common citation format is "Maryland Code § 3-414" (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 § 3-414 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.