§ 12-301. Contributions
West's Annotated Code of MarylandCorporations and AssociationsEffective: June 1, 2010
Effective: June 1, 2010
MD Code, Corporations and Associations, § 12-301
§ 12-301. Contributions
(a)(1) A person may become a beneficial owner of a statutory trust and may receive a beneficial interest in a statutory trust without payment of consideration to the statutory trust.
(b) Except as provided in the governing instrument of a statutory trust or by agreement between the beneficial owner and the statutory trust:
(2) Subject to the provisions of item (3) of this subsection, if a beneficial owner does not make the required contribution of property or services, the beneficial owner is obligated to the statutory trust to contribute cash equal to that portion of the agreed value, as stated in the records of the statutory trust, of the contribution that has not been made; and
(c)(1) A governing instrument may provide that the interest of any beneficial owner who fails to make any contribution that the beneficial owner is obligated to make shall be subject to specific penalties for, or specified consequences of, the failure.
Credits
Added by Acts 1999, c. 452, § 1, eff. Jan. 1, 2000. Amended by Acts 2010, c. 611, § 1, eff. June 1, 2010.
MD Code, Corporations and Associations, § 12-301, MD CORP & ASSNS § 12-301
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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