184                               LAWS OF MARYLAND                          [CH. 94

of the lien and the date thereof. The lien provided for in this
section shall have the full force and effect of a lien of judgment.
Unless another date is specified by law, the lien arising at the
date of non-payment as in this section specified and provided for,
shall continue with the same force and effect as a judgment lien.
In the event that the real estate investment trust holds no property
within this State, or in the event the Comptroller of the Treasury
shall determine that the property that is held by such real estate
investment trust is insufficient to provide adequate security through
the lien provided herein for the payment of taxes and fees, the
real estate investment trust shall file with the Comptroller a bond,
which shall be conditioned upon payment by the trust of such tax
liabilities, and shall be in such amount and upon such terms as the
Comptroller in his discretion may from time to time require IN LIEU
OF SUCH BOND SECURITIES APPROVED BY THE COMP-
TROLLER OR CASH IN SUCH AMOUNT AS HE MAY PRE-
SCRIBE MAY BE DEPOSITED WITH THE COMPTROLLER
WHO MAY AT ANY TIME, WITHOUT NOTICE TO THE DE-
POSITOR, APPLY THEM TO ANY TAX AND/OR INTEREST
OR PENALTIES DUE, AND FOR THAT PURPOSE THE SECURI-
TIES MAY BE SOLD BY THE COMPTROLLER AT PUBLIC OR
PRIVATE SALE WITHOUT NOTICE TO THE DEPOSITOR.

(d) Distributions made by a real estate investment trust to the
holders of shares or certificates of beneficial interest shall be treated
as investment income to such distributees.

SEC. 3. AND BE IT FURTHER ENACTED, THAT NO TRUST
HERETOFORE ESTABLISHED AND DOING A REAL ESTATE
INVESTMENT TRUST BUSINESS IN THIS STATE SHALL BE
SUBJECT TO THE PROVISIONS OR BE ENTITLED TO THE
BENEFITS OF THIS ACT, UNLESS AND UNTIL SAID TRUST
SHALL HAVE QUALIFIED AS A REAL ESTATE INVESTMENT
TRUST UNDER AND COMPLIED WITH THE PROVISIONS OF
THIS ACT.

Sec. 3 4. And be it further enacted, That if any provision of this
Act or the application thereof to any person or circumstance is held
invalid for any reason, such invalidity shall not effect AFFECT the
other provisions or any other application of this Act which can be
given effect without the invalid provision or application, and to this
end, all the provisions of this Act are declared to be severable.

Sec. 4. 5. And be it further enacted, That this Act shall take effect
June 1, 1963.

Approved March 14, 1963.

CHAPTER 94
(Senate Bill 95)

AN ACT to repeal and re-enact, with amendments, Section 137 (b)
of the Code of Public Local Laws of Cecil County (1961 Edition,