Section 12-305 – Information Access
(a) Except as provided in the governing instrument of a statutory trust, a beneficial owner, a holder of a voting trust certificate in the statutory trust, or a beneficial owner’s agent may inspect and copy during usual business hours any of the following statutory trust documents: (1) The governing instrument and all amendments; (2) Minutes of the proceedings […]
Section 12-306 – Meetings; Actions; Consent; Affirmative Vote
(a) Except as provided in the governing instrument of a statutory trust: (1) Meetings of beneficial owners may be held at any place or by conference telephone or in any other manner by which all persons participating in the meeting may hear each other; and (2) Participation in a meeting in accordance with item (1) of this subsection […]
Section 12-401 – Trustee Management; Limitation on Duties and Liabilities of Others
(a) Except as provided in its governing instrument, the business and affairs of a statutory trust shall be managed under the direction of its trustees. (b) Except as provided in the governing instrument of a statutory trust, neither the power to give direction to a trustee or other person nor the exercise by any person, including a […]
Section 12-402 – Trustee Liability; Restrictions on Liability Expansion or Limitations in Governing Instrument
(a) Subject to the provisions of subsections (d) and (e) of this section, and except as provided in the governing instrument of a statutory trust, a trustee, when acting in such capacity, is not personally liable to any person other than the statutory trust or a beneficial owner for any act, omission, or obligation of the […]
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 11-702 – Remedies
(a) Whenever it appears to the Commissioner that any person is about to engage in any act or practice constituting a violation of any provision of this title or any rule or order under this title or that the person is about to knowingly or recklessly provide substantial assistance to another person in connection with an […]
Section 12-204 – Certificate of Trust — in General
(a) (1) A certificate of trust filed by a statutory trust with the Department shall set forth: (i) The name of the statutory trust; (ii) The name and the business address of the resident agent; (iii) The address of the principal office of the statutory trust in the State; (iv) Any notice provided in accordance with § 12–501(d) of this title; […]
Section 11-703 – Civil Liabilities
(a) (1) A person is civilly liable to the person buying a security from him if he: (i) Offers or sells the security in violation of § 11-304(b), § 11-401(a), § 11-402(a), or § 11-501 of this title, or of any rule or order under § 11-205 of this title which requires the affirmative approval of sales literature […]