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.
‹ Prev All Maryland sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.