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§ 12-1002. Approval.

(a) Statutory trust to other entity. -- Except as provided in the governing instrument, a conversion of a statutory trust to an other entity shall be approved by a majority of the trustees and by the beneficial owners by the affirmative vote of two-thirds of all the votes entitled to be cast on the matter.

(b) Other entity to statutory trust. -- A conversion of an other entity to a statutory trust shall be approved in the manner and by the vote required by its governing document and the laws of the place where it is incorporated or organized.

History

2013, ch. 527, § 2; ch. 528, § 2.

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Local Government
Maryland
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Larry Hogan
Larry Hogan
January 21, 2015 -
Republican
1-410-974-3400
100 State Circle, Annapolis, MD, 21401

Keywords
trust
vote
statutory
entity
conversion
approved
governing
organized
beneficial
manner