2020 Maryland Statutes
Corporations and Associations
Title 12 - Statutory Trusts
Subtitle 10 - Conversions of Statutory Trusts
Section 12-1005 - Exchange or Conversion of Interests and Stock

Universal Citation:
MD. Corporations and Associations Code Ann. § 12-1005 (2020)
Learn more This media-neutral citation is based on the American Association of Law Libraries Universal Citation Guide and is not necessarily the official citation.

    (a)    In a conversion of an other entity to a statutory trust, the stock, membership interests, partnership interests, beneficial interests, or other ownership interests of the other entity may be exchanged for or converted into any one or more of the following:

        (1)    Beneficial interests of the statutory trust or stock, evidence of indebtedness, membership interests, partnership interests, beneficial interests, or other ownership interests of any other statutory trust or other entity, whether or not party to the conversion;

        (2)    Other tangible or intangible property;

        (3)    Money; and

        (4)    Any other consideration.

    (b)    In a conversion of a statutory trust to an other entity, beneficial interests of the statutory trust may be exchanged for or converted into any one or more of the following:

        (1)    Stock, evidence of indebtedness, membership interests, partnership interests, beneficial interests, or other ownership interests of the other entity to which the statutory trust is converted or of any other statutory trust or other entity, whether or not party to the conversion;

        (2)    Other tangible or intangible property;

        (3)    Money; and

        (4)    Any other consideration.

Disclaimer: These codes may not be the most recent version. Maryland may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.