J. MILLARD TAWES, Governor                         181

Court of the county in which any of the officers of the real estate
investment trust or the resident agent is located. Any proceedings
so instituted shall stand for hearing or other disposition in ac-
cordance with the practice of courts of equity in this State; and upon
the petition, if there is default in the filing of an answer, or upon
the petition and answer or upon the petition, answer and testimony,
if testimony is taken, the court shall enter its decree either (1)
finding that no legal cause of dissolution exists, and dismissing the
petition, or (2) directing the real estate investment trust to remedy
one or more grievances, on penalty of dissolution if the same is not
remedied within a time fixed in such decree, or (3) finding that
legal cause of dissolution has been shown and the public interest
requires that a dissolution shall be declared and declaring the real
estate investment trust thereby dissolved and appointing one or
more receivers of the property and assets of the real estate in-
vestment trust. -In case of a voluntary dissolution of a real estate
investment trust, notice of the effective date of such dissolution
shall be given to the Department of Assessments and Taxation.-

(E) A REAL ESTATE INVESTMENT TRUST DOING BUSI-
NESS IN THIS STATE SHALL, UNLESS CONTRARY TO OR
INCONSISTENT WITH SECTIONS 856-858 OF THE FEDERAL
INTERNAL REVENUE CODE OF 1954, AS AMENDED FROM
TIME TO TIME, OR REGULATIONS PROMULGATED THERE-
UNDER:

(1)  PREPARE ANNUAL REPORTS ON THE OPERATION OF
THE TRUST INCLUDING A BALANCE SHEET, STATEMENT
OF INCOME, AND SURPLUS OF THE TRUST AND A CER-
TIFICATE OF AN INDEPENDENT PUBLIC ACCOUNTANT ON
THE FINANCIAL STATEMENTS BASED UPON A FULL EX-
AMINATION OF THE BOOKS AND RECORDS OF THE TRUST
AND MADE IN ACCORDANCE WITH GENERALLY ACCEPTED
AUDITING PROCEDURE.

(2)  FILE A SIGNED COPY OF EACH SUCH REPORT AND
CERTIFICATE WITH THE DEPARTMENT OF ASSESSMENTS
AND TAXATION WITHIN 90 DAYS AFTER THE CLOSE OF
THE PERIOD COVERED BY SUCH REPORT AND DELIVER A
COPY THEREOF TO EACH HOLDER OF A BENEFICIAL IN-
TEREST IN THE TRUST.

(3)  PERMIT THE INSPECTION AT ANY REASONABLE TIME
OF THE RECORDS OF THE TRUST BY THE DEPARTMENT OF
ASSESSMENTS AND TAXATION AND PERMIT THE INSPEC-
TION OF TRUST RECORDS BY THE HOLDERS OF BENE-
FICIAL 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.

3.

Every real estate investment trust shall, -unless contrary to or
inconsistent with Sections 856-858 of the Federal Internal Revenue
Code of 1954, as amended from time to time, or regulations pro-
mulgated thereunder,— have the following general powers.