1906

LAWS OF MARYLAND

[Ch. 311

(C) SHARE.

"SHARE" MEANS A TRANSFERABLE UNIT OF BENEFICIAL
INTEREST IN A REAL ESTATE INVESTMENT TRUST.

REVISOR'S NOTE: This subsection is new language
derived without substantive change from the
first sentence of Art. 78C, §2(a).

8-102. RECOGNIZED ENTITY.

A REAL ESTATE INVESTMENT TRUST IS A PERMITTED FORM
OF UNINCORPORATED TRUST OR ASSOCIATION, AND MAY CONDUCT
BUSINESS IN THE STATE IN ACCORDANCE WITH THIS TITLE.

REVISOR'S NOTE: This section presently appears as
the first sentence of Art. 78C, §1.

The only changes are in style.

8-103. CONSTRUCTION OF TITLE.

(A)   COMMON LAW.

THIS TITLE DOES NOT LIMIT PRESENT LAW AS IT APPLIES
TO THE CREATION OF OR DOING OF BUSINESS IN THE STATE BY:

(1)   A "COMMON LAW TRUST";

(2)   A "BUSINESS TRUST"; OR

(3)   A "MASSACHUSETTS TRUST."

(B)   INTERNAL REVENUE CODE.

[[THIS TITLE DOES NOT GRANT, PERMIT, OR PROHIBIT ANY
POWER TO ANY REAL ESTATE INVESTMENT TRUST OR APPLY TO A
REAL ESTATE INVESTMENT TRUST ANY PROVISION WHICH IS
CONTRARY TO OR INCONSISTENT WITH THE PROVISIONS OF §§ 856
THROUGH 858 OF THE FEDERAL INTERNAL REVENUE CODE OR THE
REGULATIONS ADOPTED UNDER THOSE SECTIONS.]]

TO THE EXTENT ANY PROVISION OF THIS TITLE IS

CONTRARY TO OR INCONSISTENT WITH §§ 856 THROUGH 858 OF
THE FEDERAL INTERNAL REVENUE CODE OR THE REGULATIONS
ADOPTED UNDER THOSE SECTIONS. THE LATTER SHALL PREVAIL AS
TO ANY REAL ESTATE INVESTMENT TRUST QUALIFYING UNDER
THOSE SECTIONS AND REGULATIONS.

REVISOR'S NOTE: Subsection (a) of this section
presently appears as the last sentence of Art.
78C, §1.

The only changes are in style.