(a) This section applies to a corporation that is an investment company, as defined by the Investment Company Act of 1940.
(b) A director of a corporation who with respect to the corporation is not an interested person, as defined by the Investment Company Act of 1940, shall be deemed to be independent and disinterested when making any determination or taking any action as a director.
Structure Maryland Statutes
Title 2 - Corporations in General -- Formation, Organization, and Operation
Subtitle 4 - Directors and Officers
Section 2-401 - Function of Directors
Section 2-402 - Number of Directors
Section 2-403 - Qualifications of Directors and Nominees for Director
Section 2-404 - Election and Tenure of Directors
Section 2-405 - Directors Holding Over
Section 2-405.1 - Standard of Care Required of Directors
Section 2-405.2 - Corporate Limitations on Director Liability
Section 2-405.3 - When Director of Investment Company Deemed Independent and Disinterested
Section 2-406 - Removal or Resignation of Director
Section 2-407 - Vacancy on Board
Section 2-408 - Action by Directors
Section 2-409 - Meetings of Directors
Section 2-410 - Dissent of Director to Action of Board
Section 2-411 - Executive and Other Committees
Section 2-412 - Required and Permitted Officers
Section 2-413 - Election, Tenure, and Removal of Officers
Section 2-414 - Powers and Duties of Officers and Agents
Section 2-415 - Holding More Than One Office
Section 2-416 - Financial Assistance to Officers and Employees
Section 2-418 - Indemnification of Directors, Officers, Employees, and Agents