1914

LAWS OF MARYLAND

[Ch. 311

INSPECT THE RECORDS OF THE REAL ESTATE INVESTMENT TRUST
AS HAS A STOCKHOLDER IN A CORPORATION UNDER TITLE 2 OF
THIS ARTICLE.

REVISOR'S NOTE: Subsection (a) of this section
presently appears as the last sentence of Art.
78C, §2(c).

Subsection (b) of this section is new language
derived without substantive change from Art.
78C, §2(e)(3).

The penalty provisions for this section are
located in Subtitle 7.

The only changes are in style.

SUBTITLE 5. AMENDMENTS AND TERMINATION OF EXISTENCE.

8-501. AMENDMENT OF DECLARATION.

(A)       AMENDMENT BY SHAREHOLDERS.

EXCEPT AS PROVIDED IN §8-202(C) OF THIS TITLE OR
SUBSECTION (B) OF THIS SECTION, A DECLARATION OF TRUST
MAY BE AMENDED ONLY BY THE AFFIRMATIVE VOTE OF WRITTEN
CONSENT OF THE HOLDERS OF AT LEAST TWO-THIRDS OF THE
SHARES.

(B)  AMENDMENT BY TRUSTEES.

A DECLARATION OF TRUST MAY PERMIT THE TRUSTEES BY A
TWO-THIRDS VOTE TO AMEND PROVISIONS OF THE DECLARATION OF
TRUST FROM TIME TO TIME TO QUALIFY AS A REAL ESTATE
INVESTMENT TRUST UNDER THE FEDERAL INTERNAL REVENUE CODE
OR UNDER THIS TITLE.

(C)   FILING WITH DEPARTMENT.

EACH AMENDMENT TO THE DECLARATION OF TRUST SHALL BE
FILED WITH THE DEPARTMENT.

REVISOR'S NOTE: This section is new language derived
without substantive change from Art. 78C,
§2(b) (4).

8-502. TERMINATION OF EXISTENCE.

(A) VOLUNTARY DISSOLUTION.

A REAL ESTATE INVESTMENT TRUST MAY TERMINATE ITS
EXISTENCE BY VOLUNTARY DISSOLUTION. THE DEPARTMENT SHALL
BE NOTIFIED OF THE EFFECTIVE DATE OF THE DISSOLUTION.