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Board Classification In Maryland: Think Before Opting Out

Law360, New York ( May 2, 2014, 1:45 PM EDT) -- Since 1999, Section 3-803 of the Maryland General Corporation Law has permitted the board of directors of a Maryland corporation or the board of trustees of a Maryland real estate investment trust with a class of equity securities registered under the Securities Exchange Act of 1934 and at least three independent directors or trustees to elect to classify itself, notwithstanding any contrary provision in the charter, declaration of trust or bylaws and without a stockholder vote....

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