Section 12-305 - Information access. - Maryland Statutes

§ 12-305. Information access.
 

(a)  In general.- Except as provided in the governing instrument of a statutory trust, a beneficial owner, a holder of a voting trust certificate in the statutory trust, or a beneficial owner's agent may inspect and copy during usual business hours any of the following statutory trust documents: 

(1) The governing instrument and all amendments; 

(2) Minutes of the proceedings of the beneficial owners; 

(3) An annual statement of affairs; and 

(4) Voting trust agreements on file at the statutory trust's principal office. 

(b)  Request for list of beneficial owners of record.-  

(1) Except as provided in the governing instrument of a statutory trust, a beneficial owner, who for at least 6 months has been the beneficial owner of record of outstanding beneficial interests of any series or class of beneficial interests of the statutory trust entitled to cast at least 5% of all the votes entitled to be cast generally in the election of trustees, may present to any officer of the statutory trust a written request for a list of the beneficial owners of record of that series or class as disclosed by the records of the statutory trust relating to the issuance and transfer of beneficial interests. 

(2) Except as provided in the governing instrument of a statutory trust, within 20 days after a request for information is made under paragraph (1) of this subsection, the statutory trust shall prepare and have available on file at its principal office a list that: 

(i) Is verified under oath by one of its officers or its transfer agent or registrar; and 

(ii) Sets forth the name and address of each beneficial owner of record of the series or class and the number of shares of the series or class held by the beneficial owner. 

(c)  Trustee examination.- Except as provided in the governing instrument of a statutory trust, each trustee shall have the right to examine all documents and information regarding the statutory trust for any purpose reasonably related to the performance of the trustee's duties as a trustee. 

(d)  Limitation on access.- Except as provided in its governing instrument a statutory 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: 

(1) 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 statutory trust or could damage the statutory trust or its business; or 

(2) The statutory trust is required by law or by agreement with a third party to keep confidential. 

(e)  Record maintenance.- A statutory 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. 
 

[1999, ch. 452; 2010, ch. 611, § 1.]