754

LAWS OF MARYLAND

[Ch. 88

(1)    Misrepresented material facts in the
proceedings leading to his appointment[,];

(2)    Willfully disregarded an order of the
court;

(3)    Is unable or incapable, with or without
his own fault, to discharge his duties and powers
effectively;

(4) Has mismanaged property;

(5)    Has failed to maintain on file with the
register a currently effective designation of an
appropriate local agent for service of process as
described in § 5-105 [(a)] (6); or

(6)    Has failed, without reasonable excuse,
to perform a material duty pertaining to the office.

14-205.

(b) Except to the extent that the corporation
indicates that some part of a corporate distribution is a
settlement of preferred or guaranteed dividends accrued
since the trustee became a stockholder or is in lieu of
an ordinary cash dividend, a corporate distribution is
principal [of] IF the distribution is pursuant to:

(1)    A call of shares;

(2)    A merger, consolidation, reorganization,
or other plan by which assets of the corporation are
acquired by another corporation; or

(3)    A total or partial liquidation of the
corporation, including any distribution which the
corporation indicates is a distribution in total or
partial liquidation or any distribution of assets, other
than cash, pursuant to a court decree or final
administrative order by a government agency ordering
distribution of the particular assets.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1975.

Approved April 1, 1975.

CHAPTER 89