§ 12-1007. Abandonment of conversion
West's Annotated Code of MarylandCorporations and AssociationsEffective: October 1, 2013
Effective: October 1, 2013
MD Code, Corporations and Associations, § 12-1007
§ 12-1007. Abandonment of conversion
(a) Except as provided in the governing instrument, unless the articles of conversion provide otherwise, the proposed conversion of a statutory trust to an other entity may be abandoned before the effective date of the articles of conversion by majority vote of the trustees of the statutory trust.
(b) Unless the articles of conversion provide otherwise, the proposed conversion of an other entity to a statutory trust may be abandoned in the manner and by the vote required by the governing document of the other entity and the laws of the place in which it is incorporated or organized or, if no manner and vote is specified, in the manner and by the vote required to approve the conversion under § 12-1002 of this subtitle.
(c) If the articles of conversion have been filed with the Department, notice of the abandonment shall be given promptly to the Department.
(d)(1) If the proposed conversion is abandoned as provided in this section, no legal liability arises under the articles of conversion.
Credits
Added by Acts 2013, c. 527, § 2, eff. Oct. 1, 2013; Acts 2013, c. 528, § 2, eff. Oct. 1, 2013.
MD Code, Corporations and Associations, § 12-1007, MD CORP & ASSNS § 12-1007
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
| End of Document |