1910

LAWS OF MARYLAND

[Ch. 311

IN ORDER TO SECURE PAYMENT TO THE STATE OF ANY STATE
SALES, USE, AND INCOME WITHHOLDING TAX, UNLESS THE
COMPTROLLER IN HIS DISCRETION IS SATISFIED THAT A BOND OR
DEPOSIT IS UNNECESSARY TO PROTECT THE STATE, THE REAL
ESTATE INVESTMENT TRUST SHALL:

(1)   FILE WITH THE STATE COMPTROLLER A BOND IN
THE AMOUNT HE DETERMINES WHICH IS ISSUED BY A SURETY
COMPANY AUTHORIZED TO DO BUSINESS IN THE STATE; OR

(2)    DEPOSIT WITH THE COMPTROLLER CASH OR
SECURITIES APPROVED BY HIM IN THE AMOUNT HE DETERMINES.

(B)   WAIVER OF SECURITY.

IF THE COMPTROLLER WAIVES THE REQUIREMENT OF A BOND
OR DEPOSIT, HE SHALL NOTIFY THE DEPARTMENT IN WRITING OF
HIS DECISION.

(C)   PROCEEDS USED FOR PAYMENT OF TAXES.

AT ANY TIME, WITHOUT NOTIFYING THE REAL ESTATE
INVESTMENT TRUST, THE COMPTROLLER MAY APPLY THE CASH OR
SELL THE SECURITIES AND APPLY THE PROCEEDS TO THE PAYMENT
OF ANY TAX DUE OR ANY INTEREST AND PENALTIES DUE ON THE
TAX.

REVISOR'S NOTE: This section is new language derived
without substantive change from the last
clause of the third, fourth, and fifth
sentences of Art. 78C, §2(a).

SUBTITLE 3. POWERS AND INVESTMENT RESTRICTIONS.

8-301. POWERS.

A REAL ESTATE INVESTMENT TRUST HAS THE POWER TO:

(1)     UNLESS THE DECLARATION OF TRUST PROVIDES
OTHERWISE, HAVE PERPETUAL EXISTENCE UNAFFECTED BY ANY
RULE AGAINST PERPETUITIES;

(2)    SUE, BE SUED, COMPLAIN, AND DEFEND IN ALL
COURTS;

(3)   TRANSACT ITS BUSINESS, CARRY ON ITS OPERATIONS,
AND EXERCISE THE POWERS GRANTED BY THIS TITLE IN ANY
STATE, TERRITORY, DISTRICT, OR POSSESSION OF THE UNITED
STATES AND IN ANY FOREIGN COUNTRY;

(4) MAKE CONTRACTS, INCUR LIABILITIES, AND BORROW

MONEY;

(5) SELL, MORTGAGE, LEASE, PLEDGE, EXCHANGE,