Md. Code, Corporations and Associations § 5-404
This is the official text of Md. Code, Corporations and Associations § 5-404, part of Maryland’s Code, Corporations and Associations — governs the formation and operation of corporations, LLCs, and partnerships.
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§5–404.
Official statutory text
The provisions of §§ 5-402 and 5-403 of this subtitle do not apply to any private foundation to the extent that a court of competent jurisdiction, under a judicial proceeding begun by the private foundation before January 1, 1972, determines that:
(1) The application of these sections is contrary to the terms of the charter or other instrument governing the private foundation or the administration of charitable funds held by it; and
(2) The charter or other governing instrument may not properly be changed to conform to these sections.
(1) The application of these sections is contrary to the terms of the charter or other instrument governing the private foundation or the administration of charitable funds held by it; and
(2) The charter or other governing instrument may not properly be changed to conform to these sections.
Status: in_force · Read it on the official government site
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