§ 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.
(c) “Foreign business entity” means:
(d) “Foreign statutory trust” means a trust that is:
(e) “Governing instrument” means a declaration of trust or other trust instrument which provides for the governance of the affairs of a statutory trust and the conduct of its business.
(f)(1) “Other business entity” means a corporation, a general or limited partnership, a common-law trust, a limited liability company, a real estate investment trust, or any other unincorporated business.
(g) “Person” means a natural person, partnership, limited partnership, limited liability company, trust, estate, association, corporation, custodian, nominee, or any other individual or entity in its own or any representative capacity.
(h)(1) “Statutory trust” means an unincorporated business, trust, or association that is:
Added by 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 legislation effective July 1, 2020, from the 2020 Regular Session of the General Assembly.
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