Volume 795, Page 4126 View pdf image |
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Ch. 723 1997 LAWS OF MARYLAND Article - Corporations and Associations 2-510. [(a)] One or more stockholders of a corporation may confer the right to vote or (1) Entering into a written voting trust agreement which specifies the terms (2) Depositing an executed copy of the agreement with the corporation at its (3) Transferring their stock for purposes of the agreement to a trustee. [(b) Notwithstanding subsection (a) of this section, a voting trust may be extended (1) (i) All stock in the voting trust is stock in a single corporation; and (ii) The stock in the voting trust represents a 5 percent or more (2) Immediately before the establishment of the voting trust, the stock in the (i) Was held by a testamentary or inter vivos trust; and (ii) Represented more than 50 percent of the value of the assets of the (3) For a period of 10 years or more before the establishment of the voting (4) As of the date the voting trust is established, the recipients of more than (i) Are exempt from federal income taxes under § 501(c)(3)of the (ii) Carry on a substantial portion of the institutions charitable activity (5) The testamentary or inter vivos trust provides that upon termination and (i) Create a voting trust of stock that is part of the trust corpus; and (ii) Distribute to the beneficiaries, certificates of beneficial interest in - 4126 -
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Volume 795, Page 4126 View pdf image |
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