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§ 12-304. Indemnification

West's Annotated Code of MarylandCorporations and AssociationsEffective: June 1, 2010

West's Annotated Code of Maryland
Corporations and Associations
Title 12. Statutory Trusts (Refs & Annos)
Subtitle 3. Beneficial Owners
Effective: June 1, 2010
MD Code, Corporations and Associations, § 12-304
§ 12-304. Indemnification
In general
(a) Except as provided in its governing instrument, a statutory trust shall have the power to:
(1) Indemnify and hold harmless, and to obligate itself to indemnify and hold harmless, any beneficial owner from and against any and all claims and demands whatsoever; and
(2) Pay or reimburse in advance of final disposition of a proceeding, as defined in § 2-418 of this article, any expenses incurred in connection with the proceeding.
Right to indemnity
(b) The absence of a provision for indemnity in the governing instrument of a statutory trust may not be construed to deprive a beneficial owner of any right to indemnity that is otherwise available to the beneficial owner under the laws of the State.

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, § 12-304, MD CORP & ASSNS § 12-304
Current through all legislation from the 2022 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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