MARVIN MANDEL, Governor                                1505

OF THE CHARTER OF THE CORPORATION, the directors have the
powers and duties of directors of a stock corporation
under this article.

(b) If a Maryland nonstock corporation dissolves OR

ITS CHARTER IS FORFEITED:

(1) Every liability and obligation of the
corporation shall be paid and discharged or adequate
provision for payment and discharge shall be made;

(2)   Assets held by the corporation subject to
legally valid requirements for their return, transfer, or
conveyance on dissolution OR FORFEITURE shall be disposed
of in accordance with these requirements;

(3)   Assets held by the corporation subject to
limitations permitting their use only for charitable,
religious, eleemosynary, benevolent, educational, or
similar purposes, but not held subject to legally valid
requirements for their return, transfer, or conveyance by
reason of dissolution OR FORFEITURE, shall be transferred
or conveyed under a plan of distribution, adopted in the
manner and by the vote required for authorization of
dissolution of the corporation, to one or more Maryland
or foreign corporations or associations having a similar
or analogous character or purpose, or associated or
connected with the [dissolving] corporation;

(4)   Other assets shall be distributed as
provided in the charter or the bylaws to the extent that
the charter or bylaws determine the distributive rights
of members or any class or classes of members, or provide
for distribution to others; and

(5)    Any remaining assets may be distributed
to any person, society, organization, or Maryland or
foreign corporation specified in a plan of distribution,
adopted in the manner and by the vote required for
authorization of dissolution of the corporation.

(c) Unless the decree of a court of competent
jurisdiction provides otherwise, the provisions of §
3-412 of this article relating to distributions in
dissolution of stock corporations OR §§ 3—518 AND 3-519
OF THIS ARTICLE RELATING TO DISTRIBUTIONS ON FORFEITURE
OF THE CHARTERS OF STOCK CORPORATIONS, AS THE CASE MAY
BE, apply to the distribution of assets to any member or
other person entitled or otherwise designated to receive
a distribution in liquidation of a nonstock corporation.
For purposes of this section, the term "stockholders" in
[§3-412] §§ 3-412, 3-518, AND 3-519 of this article
includes every person so entitled or designated to
receive a distribution in liquidation.

5-507.

(a) Any Maryland corporation organized under the