Home Table of Contents

§ 8-205. Removal of trustees

West's Annotated Code of MarylandCorporations and AssociationsEffective: October 1, 2020

West's Annotated Code of Maryland
Corporations and Associations
Title 8. Real Estate Investment Trusts (Refs & Annos)
Subtitle 2. Formation and Qualification
Effective: October 1, 2020
MD Code, Corporations and Associations, § 8-205
§ 8-205. Removal of trustees
Removal
(a) The shareholders of a real estate investment trust may remove any trustee, with or without cause, by the affirmative vote of a majority of all the votes entitled to be cast generally for the election of trustees, except:
(1) As provided in subsection (b) of this section;
(2) As otherwise provided in the declaration of trust of the real estate investment trust; or
(3) For a real estate investment trust that has elected to be subject to § 3-804(a) of this article.
Exceptions
(b) Unless the declaration of trust of the real estate investment trust provides otherwise:
(1) If the shareholders of any class or series are entitled separately to elect one or more trustees, a trustee elected by shareholders of that class or series may not be removed without cause except by the affirmative vote of a majority of all the votes of that class or series;
(2) If a real estate investment trust has cumulative voting for the election of trustees and less than the entire board is to be removed, a trustee may not be removed without cause if the votes cast against the trustee's removal would be sufficient to elect the trustee if then cumulatively voted at an election of the entire board of trustees, or, if there is more than one class of trustees, at an election of the class of trustees of which the trustee is a member; and
(3) If the trustees have been divided into classes, a trustee may not be removed without cause.

Credits

Added by Acts 2000, c. 642, § 1, eff. June 1, 2000. Amended by Acts 2020, c. 292, § 1, eff. Oct. 1, 2020; Acts 2020, c. 293, § 1, eff. Oct. 1, 2020.
MD Code, Corporations and Associations, § 8-205, MD CORP & ASSNS § 8-205
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