180                               LAWS OF MARYLAND                          [CH. 93

sistent with Sections 856-858 of the Federal Internal Revenue Code
of 1954, as amended from time to time, or regulations promulgated
thereunder,— also provide:

(1) For the total number of transferable shares or certificates
evidencing beneficial interests which the real estate investment trust
has authority to issue.

(2) For the preparation of an annual report on the operations of

the trust including a balance sheet, statement of income, and surplus
of the trust and a certificate of an independent certified public ac-
countant on the financial statements based upon a full examination

of the books and records of the trust and made in accordance with

generally accepted auditing procedures.

(3) For the filing of a signed copy of such report and certificate

with the Department of Assessments and Taxation within 90 days
after the close of the period covered by the report and for the delivery

of a copy thereof to each holder of a beneficial interest in the trust.

(4) For the inspection at any reasonable time of the records of the
trust by the Department of Assessments and Taxation and for the
inspection of trust records by the holders of beneficial interests in

the trust to the same extent as is permitted by the laws of this State

for the inspection of corporate records by corporate shareholders.

(5) (2) For an annual meeting of the holders of beneficial interests
in the trust at a convenient location on proper notice after the delivery
of the annual report.

(6) (3) For the election of trustees at least every three years at the
annual meeting of the holders of beneficial interests in the trust and
for the removal of a trustee at any time upon the vote of the holders
of at least 75% TWO-THIRDS of the shares or certificates of bene-
ficial interest in the trust.

(7) (4) That no change shall be made in the declaration of trust
without the vote or written consent of the holders of at least 75%
TWO-THIRDS of the shares or certificates of beneficial interest in
the trust. All such amendments shall be filed with the Department
of Assessments and Taxation.

(c)   The trustees of every real estate investment trust which
carries on business in this State without filing a declaration of trust
or without making reports as required by this section shall each be
subject to a fine of not more than $1,000 payable to the Department
of Assessments and Taxation. The declaration of trust and the
reports filed with the Department of Assessments and Taxation in
accordance with this section shall be matters of public record.

(d)  At any time, or from time to time, the Department of As-
sessments and Taxation may authorize the Attorney General to
institute proceedings against any real estate investment trust to
determine whether or not it has been guilty of such misuse, abuse,
or nonuse of its powers as would, in the public interest, make proper
the dissolution of the real estate investment trust and the appoint-
ment of one or more receivers of the property and assets of the
real estate investment trust. Such proceedings shall be instituted by
filing a petition for the dissolution of the real estate investment
trust in the Circuit Court of Baltimore City or in the Circuit