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Md. Code Ann., Corps. & Ass'ns § 5-123

Known as the Maryland Professional Service Corporation Act

The act spans §§ 5–5 (34 sections).

(a) If a professional corporation ceases to render professional services, it shall amend its articles of incorporation to:

(1) Delete references to rendering professional services; and

(2) Conform the name of the corporation to the requirements of Title 1, Subtitle 5 of this article.

(b) After the amendment under subsection (a) of this section becomes effective, the corporation may continue in existence as a business corporation under Title 2 of this article and is no longer subject to this subtitle.

(c) An amendment under subsection (a) of this section does not affect the liability of the professional corporation, its employees, or stockholders for a transaction, occurrence, or act that occurred while the corporation was subject to this subtitle.

Official source: Maryland General Assembly. Reproduced from public-domain Maryland statutes; confirm against the official source for the current text. Not legal advice.