MARVIN MANDEL, Governor

1909

valid...," is deleted as unnecessary.

Subsection (d) of this section is new language
derived without substantive change from the
third clause of the third sentence of Art.
78C, §2(a).

The word "shareholder" is substituted for the
phrase "holders of beneficial interest in the
trust," for clarity and succinctness. The
term "share" is defined in §8—101.

The only other changes are in style.

For general provisions relating to
acknowledgments, see Title 1 of this article.

8-203. EQUALITY OF SHARES; NUMBER OF SHAREHOLDERS.

(A)   EQUALITY OF SHARES.

ALL SHARES IN A REAL ESTATE INVESTMENT TRUST SHALL
HAVE EQUAL DISTRIBUTION, VOTING, AND LIQUIDATION RIGHTS.

(B)   NUMBER OF [[SHAREHOLDERS]] OWNERS OF SHARES.

(1)    [[A REAL ESTATE INVESTMENT TRUST SHALL
HAVE AT LEAST 100 SHAREHOLDERS]] THE BENEFICIAL OWNERSHIP
OF THE SHARES OF A REAL ESTATE INVESTMENT TRUST SHALL BE
HELD BY AT LEAST 100 PERSONS FOR AT LEAST 75 PERCENT OF
EACH YEAR.

(2)   NOT MORE THAN 50 PERCENT OF THE TOTAL
NUMBER OF OUTSTANDING SHARES MAY BE OWNED DIRECTLY OR
INDIRECTLY BY LESS THAN SIX PERSONS.

REVISOR'S NOTE: Subsection (a) of this     section is

new language derived without     substantive

change from the second sentence of     Art. 78C,
§2(a).

Subsection (b) of this section is new language
derived without substantive change from the
last provision in the second sentence of Art.
78C, §1, and the third sentence of Art. 78C,
§1. The word "shareholders" is substituted
for the word "persons" for clarity. The term
"share" is defined in §8-101.

The only other changes are in style.

8-204. BOND REQUIRED.

(A)

SECURITY FOR PAYMENT OF TAXES.