Section 12-302 – Liability; Defenses
(a) Except as provided in the governing instrument of a statutory trust, the beneficial owners shall be entitled to the same limitation of personal liability extended to stockholders of a Maryland corporation formed under Title 2 of this article. (b) (1) Neither an obligation of a beneficial owner or trustee of a statutory trust to the statutory trust […]
Section 12-303 – Beneficial Interests
(a) Except as provided in the governing instrument of a statutory trust, a beneficial owner shall have an undivided beneficial interest in the property of the statutory trust and shall share in the profits and losses of the statutory trust in the proportion of the entire undivided beneficial interest in the statutory trust owned by the […]
Section 12-304 – 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 beneficial owner from and against any and all claims and demands whatsoever; and (2) Pay or reimburse in advance of final disposition of a proceeding, as defined […]
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 12-301 – Consideration; Obligations; Penalties Upon Failure to Make Contribution
(a) (1) A person may become a beneficial owner of a statutory trust and may receive a beneficial interest in a statutory trust without payment of consideration to the statutory trust. (2) The consideration for a beneficial interest in a statutory trust may consist of: (i) Money; (ii) Tangible or intangible property; (iii) Labor or services actually performed for the statutory […]