1916                                             LAWS OF MARYLAND                       [Ch. 311

(B) LIABILITY OF SHAREHOLDER OR TRUSTEE.

A SHAREHOLDER OR TRUSTEE IS NOT PERSONALLY LIABLE
FOR THE OBLIGATIONS OF THE TRUST, HOWEVER, IF A TRUSTEE
OTHERWISE WOULD BE LIABLE, THIS SECTION DOES NOT RELIEVE
HIM FROM ANY LIABILITY TO THE TRUST OR ITS SECURITY
HOLDERS FOR ANY ACT WHICH CONSTITUTES:

(1)   BAD FAITH;

(2)   WILLFUL MISFEASANCE;

(3)   GROSS NEGLIGENCE; OR

(4)   RECKLESS DISREGARD OF HIS DUTIES.

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

8-602. SERVICE OF PROCESS.

IN AN ACTION AGAINST A  REAL ESTATE INVESTMENT TRUST

DOING BUSINESS IN THE STATE,   PROCESS SHALL BE SERVED ON

ANY OFFICER OR RESIDENT     AGENT OF THE REAL ESTATE
INVESTMENT TRUST.

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

SUBTITLE 7. PENALTIES.

8-701. PENALTIES.

THE TRUSTEES OF A REAL ESTATE INVESTMENT TRUST WHICH
DOES BUSINESS IN THE STATE WITHOUT FILING ITS DECLARATION
OF TRUST WITH THE DEPARTMENT AS REQUIRED BY §8-202 OF
THIS TITLE OR WHICH DOES BUSINESS IN THE STATE WITHOUT
FILING THE ANNUAL REPORT REQUIRED BY §8-401 OF THIS TITLE
ARE EACH SUBJECT TO A FINE NOT EXCEEDING $1,000, PAYABLE
TO THE DEPARTMENT.

REVISOR'S NOTE: This section presently appears as
the first sentence of Art. 78C, §2(c).

The phrase "does business" is substituted for
"carrying on business" to conform to the
general usage in this title and article. The
word "filing" is substituted for "making" for
purposes of clarity.

The only other changes are in style.

TITLE 9. UNIFORM PARTNERSHIP ACT.