1912

LAWS OF MARYLAND

[Ch. 311

now appears with the other material on
dissolution in §8—502 of this title.

The introductory language in present §3, which
makes the provisions of this section subject
to §§ 856 through 858 of the Internal Revenue
Code, now appears in §8—103.

The last sentence of present Art. 78C, §3(5)
is now §8-302 (b).

In item (6) of this section, the word
"assets," which is defined in §1—101, is
substituted for "property, franchises, and
income."

Reference to the fact that a bond may be
required of a trust under Subtitle 2 is added
to item (12) of this section. No substantive
change is intended.

The only other changes are in style.

8-302. RESTRICTIONS ON INVESTMENTS AND USE.

(A)   GENERAL RESTRICTIONS.

A REAL ESTATE INVESTMENT TRUST SHALL HOLD AT     LEAST

75 PERCENT OF THE VALUE OF ITS ASSETS IN REAL    ESTATE

ASSETS, GOVERNMENT SECURITIES, CASH, AND CASH      ITEMS,
INCLUDING RECEIVABLES.

(B)   FARMLAND.

A REAL ESTATE INVESTMENT TRUST MAY NOT USE OR APPLY
LAND FOR FARMING, AGRICULTURE, HORTICULTURE, OR SIMILAR
PURPOSES.

REVISOR'S NOTE: Subsection (a) of this section is
new language derived without substantive
change from the first clause of the second
sentence of Art. 78C, §1. The phrase "to
qualify as a real estate investment trust..."
is deleted as unnecessary.

Subsection (b) of this section is new language
derived without substantive change from the
last sentence of Art. 78C, §3 (5) .

SUBTITLE 4. ANNUAL REPORT; INSPECTION OF RECORDS.

8-401. ANNUAL REPORT.

(A)

REPORT REQUIRED.