Maryland § 5-118
Full text of Maryland Maryland Code § 5-118, with citation guidance and answers to common questions.
§ 5-118.
(a) Only a qualified person may be appointed a proxy to vote stock of a professional corporation.
(b) A voting trust with respect to stock of a professional corporation is not valid unless all of the trustees of the trust are stockholders of the professional corporation.
(c) Stock in a professional corporation may not be transferred into a trust, unless:
(1) All settlors of the trust remain stockholders of the professional corporation for the duration of the trust; and
(2) All trustees of the trust are individuals licensed in the State to render the professional service named in the professional corporation’s articles of incorporation.
(d) (1) If a settlor of stock in a professional corporation in a trust ceases to be a stockholder in the corporation, the settlor shall be a disqualified stockholder and the corporation shall acquire the stock held by the trust.
(2) An acquisition of stock under paragraph (1) of this subsection shall be made under §§ 5–113 through 5–115 of this subtitle.
Frequently Asked Questions About Maryland § 5-118
What does Maryland Code § 5-118 cover?
Section 5-118 is part of the Maryland Code, the codified statutory law of Maryland. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Maryland § 5-118?
A common citation format is "Maryland Code § 5-118" (Maryland). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Maryland law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Maryland official source linked on this page or consult a licensed Maryland attorney.
How does Maryland § 5-118 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Maryland can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Maryland.