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This entry was published on 2014-09-22
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SECTION 2-B
Limited liability trust companies; definitions
Banking (BNK) CHAPTER 2, ARTICLE 1
§ 2-b. Limited liability trust companies; definitions. When the
provisions of this chapter are applied to the formation and operation of
a limited liability trust company references to:

1. "Board of directors" shall include the managers charged with the
management of a limited liability trust company as set forth in its
articles of organization.

2. "By-laws" shall include the operating agreement of a limited
liability trust company.

3. "Capital stock" shall include the cash and property the members of
a limited liability trust company have contributed to the company, but
shall not include promissory notes or other obligations to contribute
cash or property or to perform future services.

4. "Corporation" shall include an unincorporated trust company formed
as a limited liability trust company pursuant to the provisions of
article three of this chapter.

5. "Director" shall include one of the managers charged with the
management of a limited liability trust company as set forth in its
articles of organization.

6. "Dividend" shall include the distribution of a limited liability
trust company's cash or other assets to its members.

7. "Incorporator" shall include the person or persons who is or are
the organizer or organizers of a limited liability trust company.

8. "Organization certificate" shall include the articles of
organization of a limited liability trust company.

9. "Share" shall include the equity interest of a member of a limited
liability trust company as set forth in the company's articles of
organization or, in the absence of such a provision, the equity interest
represented by a member's right to a proportionate share of the profits
of the company.

10. "Stock" shall include the equity interest represented by the
percentage of the total votes a member may cast as set forth in the
articles of organization of a limited liability trust company or, in the
absence of such a provision, the equity interest represented by a
member's right to a proportionate share of the profits of the company.

11. "Stockholder" shall include a member of a limited liability trust
company who has an equity interest represented by his, her, or its right
to a proportionate share of the profits or capital of the company.

12. "Voting stock" shall include the definition of stock as set forth
in this section.