1. (a) If the property and franchises of a Maryland corporation are sold under a court order or under a mortgage or deed of trust, a Maryland corporation organized for the purpose of continuing the operations of the original corporation may acquire the property or franchises.
2. (b) With respect to this property, the purchasing corporation has the same rights, privileges, and franchises and is subject to the same limitations, restrictions, and liabilities with respect to the exercise of these rights, privileges, or franchises as the original corporation.

Added by Acts 1975, c. 311, § 2, eff. July 1, 1975. Amended by Acts 1988, c. 280, § 2; Acts 1988, c. 281, § 2.

Formerly Art. 23, § 127.