MARVIN MANDEL, Governor

1915

(B)   LIQUIDATION.

A REAL ESTATE INVESTMENT TRUST MAY CURTAIL OR CEASE
ITS TRUST ACTIVITIES BY PARTIALLY OR COMPLETELY
DISTRIBUTING ITS ASSETS.

(C)   INVOLUNTARY DISSOLUTION FOR ABUSE OF POWERS.

(1)    THE ATTORNEY GENERAL MAY INSTITUTE
PROCEEDINGS TO DISSOLVE A REAL ESTATE INVESTMENT TRUST
WHICH HAS ABUSED, MISUSED, OR FAILED TO USE ITS POSERS.
THE PROCEEDINGS SHALL BE BROUGHT IN THE MANNER AND ON THE
GROUNDS PROVIDED IN TITLE 3, SUBTITLE 5 OF THIS ARTICLE
WITH RESPECT TO DISSOLUTION OF A CORPORATION FOR MISUSE
OF ITS FRANCHISE.

(2)     THE VENUE OF AN ACTION UNDER THIS
SUBSECTION IS IN A COUNTY WHERE AN OFFICER OR RESIDENT
AGENT OF THE REAL ESTATE INVESTMENT TRUST IS LOCATED.

REVISOR'S NOTE: Subsections (a) and (b) of this
section are new language derived without
substantive change from Art. 78c, §3(9) and
the last sentence of Art. 78C, §2(d).

Subsection (c) of this section is new language
derived without substantive change from the
first two sentences of Art. 78C, §2(d). Since
the provisions in Title 3, Subtitle 5 are
substantively similar to those of present
§2(d), except for the venue provisions, it is
unnecessary to set them forth fully here. See
§3—514 of this article.

For the definition of "shares," see §8—101.

It should be noted that Title 1, Subtitle 4 of
this article contains a provision authorizing
the Attorney General to seek to enjoin an
unincorporated business from doing business on
grounds that it is connected with "organized
crime."

SUBTITLE 6. LIABILITIES AND SERVICE OF PROCESS.

8-601. LIABILITIES OF TRUST, SHAREHOLDERS, AND
TRUSTEES.

(A) LIABILITY OF TRUST.

THE LIABILITY OF A REAL ESTATE INVESTMENT TRUST
EXTENDS TO AS MUCH OF THE TRUST ESTATE, INCLUDING THE
WHOLE, AS NECESSARY TO DISCHARGE THE LIABILITY.