Maryland Code, HUMAN SERVICES 11-406
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Terms Used In Maryland Code, HUMAN SERVICES 11-406
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
On the liquidation, dissolution, or winding up of the Corporation, after payment of the obligations and liabilities of the Corporation, all of the assets of the Corporation shall be transferred to one or more corporations or associations that:
(1) have a character or purpose similar to the Corporation’s;
(2) are selected by the Board; and
(3) qualify under § 501(c)(3) of the Internal Revenue Code.