§ 5-123. Cessation in rendering professional services

   (a) Amendment to articles of incorporation. -- 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) Continuance as business corporation. -- 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) Liability unaffected. -- 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.

HISTORY: 1993, ch. 413, § 2; 1998, ch. 21, § 9.