Section 12-607 - Governing instrument. - Maryland Statutes

§ 12-607. Governing instrument.
 

(a)  Amendment to or adoption of new governing instrument.- Notwithstanding anything to the contrary contained in its governing instrument, the governing instrument of a statutory trust containing a specific reference to this section may provide that an agreement of merger or consolidation approved in accordance with this subtitle may: 

(1) Effect any amendment to the governing instrument of the statutory trust; or 

(2) Effect the adoption of a new governing instrument of the statutory trust if it is the successor trust in the merger or consolidation. 

(b)  Effective date.- Any amendment to the governing instrument of a statutory trust or adoption of a new governing instrument of a statutory trust made under this section shall be effective at the effective time of the merger or consolidation. 

(c)  Construction.- The provisions of this section may not be construed to limit the accomplishment of a merger or consolidation or of any of the matters referred to in this section by any other means provided for in the governing instrument of a statutory trust or other agreement or as otherwise permitted by law, including that the governing instrument of any constituent statutory trust to the merger or consolidation shall be the governing instrument of the successor trust. 
 

[1999, ch. 452; 2010, ch. 611, § 1.]