§ 5-118. Voting trust; stock trust
West's Annotated Code of MarylandCorporations and Associations
MD Code, Corporations and Associations, § 5-118
§ 5-118. Voting trust; stock trust
(a) Only a qualified person may be appointed a proxy to vote stock of a professional corporation.
(b) A voting trust with respect to stock of a professional corporation is not valid unless all of the trustees of the trust are stockholders of the professional corporation.
(c) Stock in a professional corporation may not be transferred into a trust, unless:
(d)(1) If a settlor of stock in a professional corporation in a trust ceases to be a stockholder in the corporation, the settlor shall be a disqualified stockholder and the corporation shall acquire the stock held by the trust.
Credits
Added by Acts 1993, c. 413, § 2.
MD Code, Corporations and Associations, § 5-118, MD CORP & ASSNS § 5-118
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.
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