Section 3-515 - Powers of directors on forfeiture(a) When the charter of a Maryland corporation has been forfeited, until a court appoints a receiver, the directors of the corporation shall manage its assets for purposes of liquidation.(b) Unless and until articles of revival are filed, the directors shall: (1) Collect and distribute the assets, applying them to the payment, satisfaction, and discharge of existing debts and obligations of the corporation, including necessary expenses of liquidation; and(2) Distribute the remaining assets among the stockholders.(c) The directors may: (1) Carry out the contracts of the corporation;(2) Sell all or any part of the assets of the corporation at public or private sale;(3) Sue or be sued in the name of the corporation; and(4) Do all other acts consistent with law and the charter of the corporation necessary or proper to liquidate the corporation and wind up its affairs.(d) Forfeiture of the charter of a corporation does not subject a director of the corporation to a standard of conduct other than the standard of conduct set forth in § 2-405.1 of this article.Amended by 2017 Md. Laws, Ch. 674,Sec. 2, eff. 10/1/2017.