§ 8-205. Removal of trustees
West's Annotated Code of MarylandCorporations and AssociationsEffective: October 1, 2020
Effective: October 1, 2020
MD Code, Corporations and Associations, § 8-205
§ 8-205. Removal of trustees
(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:
(b) Unless the declaration of trust of the real estate investment trust provides otherwise:
(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
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 July 1, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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