For purposes of applying the provisions of this subtitle other than this subchapter to a limited trust association, as the context requires:
(1) a manager and the board of managers are considered to be a director and the board of directors;
(2) if there is not a board of managers, a participant is considered to be a director and all of the participants are considered to be the board of directors;
(3) a participant or participant-transferee is considered to be a shareholder;
(4) a participation share is considered to be a share of stock; and
(5) a distribution is considered to be a dividend.