PARRIS N. GLENDENING, Governor

Ch. 565

8-501.1.

(a) (1) In this section the following words have the meanings indicated.

(2) "Business trust" means an unincorporated trust or association, including
a Maryland real estate investment trust, a common-law trust, or a Massachusetts trust,
which is engaged in business and in which property is acquired, held, managed,
administered, controlled, invested, or disposed of [by trustees] for the benefit and profit
of any person who may become a holder of a transferable unit of beneficial interest in the
trust.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
October 1, 1995.

Approved May 25, 1995.

CHAPTER 565
(House Bill 750)

AN ACT concerning

Corporations - Terms of Capital Stock - Facts Ascertainable Outside Charter

FOR the purpose of clarifying that the reference to "facts ascertainable outside the
charter", on which certain terms of capital stock may be dependent, includes an
action or determination by any person, including the corporation issuing the stock
and any person affiliated with the corporation, and any other event.

BY repealing and reenacting, with amendments,
Article - Corporations and Associations
Section 2-105(b)
Annotated Code of Maryland
(1993 Replacement Volume and 1994 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Article - Corporations and Associations

2-105.

(b) (1) IN THIS SUBSECTION, "FACTS ASCERTAINABLE OUTSIDE THE
CHARTER" INCLUDES:

(I) AN ACTION OR DETERMINATION BY ANY PERSON, INCLUDING
THE CORPORATION, ITS BOARD OF DIRECTORS, AN OFFICER OR AGENT OF THE
CORPORATION, AND ANY OTHER PERSON AFFILIATED WITH THE CORPORATION;
AND

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