954

LAWS OF MARYLAND

Ch. 353

BY repealing and reenacting, with amendments,

Article - Corporations and Associations
Section 8-202(b) and 8-203(a)
Annotated Code of Maryland
(1975 Volume and 1975 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That Sections 8-202 (b) and 8-203 (a) of Article
— Corporations and Associations, of the Annotated Code of
Maryland (1975 Volume and 1975 Supplement) be and they
are hereby repealed and reenacted, with amendments, to
read as follows:

Article — Corporations and Associations

8-202.

(b) The declaration of trust shall:

(1)    Indicate clearly that the trust is a
real estate investment trust;

(2)    State the total number of shares which
the real estate investment trust has authority to issue:

(3)    Provide for an annual meeting of
shareholders after the delivery of the annual report, at
a convenient location and en proper notice;

(4)    Provide for the election of trustees at
least every third year at an annual meeting of
shareholders;

(5)    Provide for the removal of a trustee at
any time by the affirmative vote of the holders of two
thirds of the shares;

(6) State the name and address of each

trustee;

(7)         State the name and address of a resident
agent of the real estate investment trust in the State;
[and]

(8)         Provide that the declaration of trust
may not be amended except as provided in § 8-501 of this
title[.]; AND

(9)          IF THE SHARES ARE DIVIDED INTO CLASSES
AS PERMITTED BY SECTION 8-203 OF THIS SUBTITLE, PROVIDE A
DESCRIPTION OF EACH CLASS, INCLUDING ANY PREFERENCES,
CONVERSION AND OTHER RIGHTS, VOTING POWERS, RESTRICTIONS,
LIMITATIONS AS TO DIVIDENDS, QUALIFICATIONS, AND TERMS
AND CONDITIONS OF REDEMPTION.

8-203. [Equality] CLASSIFICATION of shares; number of