Maryland Code, HEALTH OCCUPATIONS 7-309
Terms Used In Maryland Code, HEALTH OCCUPATIONS 7-309
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- state: means :
(1) a state, possession, territory, or commonwealth of the United States; or
(2) the District of Columbia. See
(b) The Board may renew only the license of a corporation that:
(1) On June 1, 1945, held a license issued by this State;
(2) Has been renewed continuously since that date;
(3) Submits an application on a form required by the Board; and
(4) Pays a fee set by the Board.
(c) Each application for renewal made by a corporation shall state the name and address of each officer and director of the corporation.
(d) 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.
(e) A corporation may not operate a branch funeral establishment unless the branch funeral establishment was in operation on or before October 1, 1964.
(f) If a corporation is sold, declares bankruptcy, or ceases to operate, written notice must be submitted to:
(1) 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
(2) The holders of pre-need contracts advising them of their options under Maryland law.