Section 12-403 – Indemnification
(a) Except as provided in its governing instrument, a statutory trust shall have the power to: (1) Indemnify and hold harmless, and to obligate itself to indemnify and hold harmless, any trustee, officer, employee, or agent from and against any and all claims and demands whatsoever; and (2) Pay or reimburse in advance of final disposition of a […]
Section 12-404 – Meetings; Actions; Consent; Affirmative Vote
(a) Except as provided in the governing instrument of a statutory trust: (1) Meetings of trustees may be held at any place or by conference telephone or in any other manner by which all persons participating in the meeting as trustees may hear each other; and (2) Participation in a meeting in accordance with item (1) of this […]
Section 12-405 – Investment Company
(a) This section applies to a statutory trust that is an investment company, as defined by the Investment Company Act of 1940. (b) A trustee of a statutory trust who with respect to the statutory trust is not an interested person, as defined by the Investment Company Act of 1940, shall be deemed to be independent and […]
Section 12-501 – Service of Process; Jurisdiction; Attachment; Seizure of Certain Assets
(a) Service of process on a statutory trust may be effected in the same manner as service of process on a Maryland corporation. (b) In the governing instrument of a statutory trust or other writing, a trustee, beneficial owner, or other person may consent to be: (1) Subject to: (i) The nonexclusive jurisdiction of the courts of, or arbitration […]
Section 12-205 – Certificate of Trust — Execution, Filing, Recordation, Etc
(a) (1) Articles of merger or consolidation, a restated certificate of trust, a certificate of amendment, a certificate of cancellation, or an amendment of a certificate or articles shall be executed: (i) In the manner required by § 1–301 of this article; or (ii) 1. By a person duly authorized by one or more of the trustees; or 2. If there […]
Section 12-601 – Authorization
Except as provided in its governing instrument, a statutory trust may merge or consolidate with or into one or more statutory trusts, other business entities, or foreign business entities.
Section 12-206 – Name
The name of each statutory trust as set forth in its certificate of trust shall comply with the requirements of Title 1, Subtitle 5 of this article.
Section 12-602 – Approval
(a) Except as provided in the governing instrument of a statutory trust, a merger or consolidation shall be approved by each statutory trust which is to merge or consolidate 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 […]
Section 12-207 – Governing Instrument
(a) A governing instrument may: (1) Provide that a person shall become a beneficial owner and shall become bound by the governing instrument if the person, or a representative authorized by the person orally, in writing, or by other action such as payment for a beneficial interest, complies with the conditions for becoming a beneficial owner set […]
Section 12-603 – Exchange of Securities; Termination or Amendment of Merger
(a) In or in connection with a merger or consolidation, beneficial interests or other rights or securities of, or interests in, a statutory trust, other business entity, or foreign business entity which is a party to the merger or consolidation may be exchanged for or converted into cash, property, rights, or securities of, or interests in, […]