956                                          LAWS OF MARYLAND                                  Ch. 353

UNDER THE AUTHORITY CONTAINED IN THE DECLARATION OF
TRUST.

(3)    IF THE REAL ESTATE INVESTMENT TRUST HAS

AUTHORITY TO ISSUE SHARES OF MORE THAN ONE CLASS, THE

CERTIFICATE EVIDENCING THE SHARES SHALL CONTAIN ON ITS

FACE OR BACK A FULL STATEMENT OR SUMMARY OF:

(I)    THE DESIGNATIONS AND ANY

PREFERENCES, CONVERSION AND OTHER RIGHTS, VOTING POWERS,

RESTRICTIONS, LIMITATIONS AS TO DIVIDENDS,

QUALIFICATIONS, AND TERMS AND CONDITIONS OF REDEMPTION OF
THE SHARES OF EACH CLASS WHICH THE REAL ESTATE INVESTMENT
TRUST IS AUTHORIZED TO ISSUE; AND

(II)   IF THE REAL ESTATE INVESTMENT
TRUST IS AUTHORIZED TO ISSUE ANY PREFERRED OR SPECIAL
CLASS IN SERIES:

(A)    THE DIFFERENCES IN___ THE RELATIVE RIGHTS AND

PREFERENCES BETWEEN THE SHARES OF EACH SERIES TO THE
EXTENT THEY HAVE BEEN SET; AND

(B)    THE AUTHORITY OF THE BOARD OF TRUSTEES TO SET
THE RELATIVE RIGHTS AND PREFERENCES OF SUBSEQUENT SERIES.

(4)    (I) A SUMMARY OF THE INFORMATION

REQUIRED BY SUBSECTION (3) OF THIS SECTION, AS INCLUDED

IN A REGISTRATION STATEMENT PERMITTED TO BECOME EFFECTIVE
UNDER THE FEDERAL SECURITIES ACT OF 1933, IS AN
ACCEPTABLE SUMMARY FOR THE PURPOSES OF THIS SECTION.

(II) INSTEAD OF A FULL STATEMENT OR

SUMMARY, THE CERTIFICATE MAY STATE THAT THE REAL ESTATE
INVESTMENT TRUST WILL FURNISH A FULL STATEMENT OF THE
INFORMATION REQUIRED BY SUBSECTION (3) OF THIS SECTION TO
ANY HOLDER OF SHARES ON BEQUEST AND WITHOUT CHARGE.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1976.

Approved May 4, 1976.

CHAPTER 354
(Senate Bill 1032)

AN ACT concerning

Natural Resources — Land Reclamation Committee

FOR the purpose of providing for the submission of
[[anual]] reports by the Land Reclamation