§ 12-101. Definitions
West's Annotated Code of MarylandCorporations and AssociationsEffective: June 1, 2010
Effective: June 1, 2010
MD Code, Corporations and Associations, § 12-101
§ 12-101. Definitions
(b) “Beneficial owner” means any owner of record of a beneficial interest in a statutory trust, the fact of ownership to be determined and evidenced, whether by means of registration, the issuance of certificates or otherwise, in conformity to the applicable provisions of the governing instrument of the statutory trust.
Acts 1999, c. 452, § 1, eff. Jan. 1, 2000. Amended by Acts 2010, c. 611, § 1, eff. June 1, 2010; Acts 2014, c. 45, § 5.
HISTORICAL AND STATUTORY NOTES
Acts 1999, c. 452, §§ 2 and 3, provide:
“SECTION 2. AND BE IT FURTHER ENACTED, That if any provision of the act or the application thereof to any person or circumstance is held invalid for any reason in a court of competent jurisdiction, the invalidity does not affect other provisions or any other application of this Act which can be given effect without the invalid provision or application, and for this purpose the provisions of this Act are declared severable.”
“SECTION 3. AND BE IT FURTHER ENACTED, That:
“(a)The provisions of this Act have no effect on the validity, powers, rights, or liabilities of common law business trusts created before or after January 1, 2000, or the trustees or beneficiaries of common law business trusts created before or after January 1, 2000.
“(b)(1) Subject to the provisions of paragraph (2) of this subsection, common law business trusts created before or after January 1, 2000 may elect, on the filing of a certificate of trust, to be governed by the provisions of this Act.
“(2) A common law business trust created before January 1, 2000 may not be governed by the provisions of this Act to the extent of any inconsistent provisions contained in its governing instrument and not subsequently modified by amendment.”
Acts 2014, c. 45, § 5, in para. (c)(2), deleted a superfluous occurrence of “limited liability company,”.
MD Code, Corporations and Associations, § 12-101, MD CORP & ASSNS § 12-101
Current through all legislation from the 2017 Regular Session of the General Assembly
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