Maryland Corporations and Associations Section 12-305

Article - Corporations and Associations

§ 12-305.

      (a)      Except to the extent otherwise provided in the governing instrument of a business trust, each beneficial owner of a business trust has the right, subject to such reasonable standards, including standards governing what information and documents are to be furnished at what time and location and at whose expense, as may be established by the trustees, to obtain from the business trust from time to time on reasonable demand for any purpose reasonably related to the beneficial owner's interest as a beneficial owner of the business trust:

            (1)      A copy of the governing instrument and certificate of trust and all amendments, together with copies of any written powers of attorney under which the governing instrument and any certificate and any amendments have been executed;

            (2)      A current list of the name and last known business or mailing address of each beneficial owner and trustee; and

            (3)      Information regarding the business and financial condition of the business trust.

      (b)      Except to the extent otherwise provided in the governing instrument of a business trust, each trustee shall have the right to examine all the information described in subsection (a) of this section for any purpose reasonably related to the trustee's position as a trustee.

      (c)      Except to the extent otherwise provided in the governing instrument of a business trust, the trustees of a business trust shall have the right to keep confidential from the beneficial owners, for such period of time as the trustees deem reasonable, any information that the trustees reasonably believe to be in the nature of trade secrets or other information, the disclosure of which the trustees in good faith believe is not in the best interest of the business trust or could damage the business trust or its business or which the business trust is required by law or by agreement with a third party to keep confidential.

      (d)      A business trust may maintain its records in other than a written form if such form is capable of conversion into a written form within a reasonable time.

      (e)      Any demand by a beneficial owner or trustee under this section shall be in writing and shall state the purpose of the demand.



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