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LAWS OF MARYLAND

Ch. 311

AN ACT concerning

Real Estate Investment Trusts

FOR the purpose of repealing certain requirements as to
concentrations of ownership of shares of beneficial
interest in real estate investment trusts.

BY repealing and reenacting, with amendments,

Article - Corporations and Associations

Section 8-203

Annotated Code of Maryland

(1975 Volume and 1980 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That section(s) of the Annotated Code of Maryland
be repealed, amended, or enacted to read as follows:

Article - Corporations and Associations

8-203.

(a) [(1)] A real estate investment trust may provide
by its declaration of trust:

[(i)] (1) That any specified class of
shares is preferred over another class as to its
distributive share of the assets on voluntary or involuntary
liquidation of the real estate investment trust and the
amount of the preference;

[(ii)] (2) That any specified class of
shares may be redeemed at the option of the real estate
investment trust or of the holders of the shares and the
terms and conditions of redemption, including the time and
price of redemption;

[(iii)] (3) That any specified class of
shares is convertible into shares of one or more other
classes and the terms and conditions of conversion;

[(iv)] (4) That the holders of any
specified securities issued or to be issued by the real
estate investment trust have any -voting or other rights
which, by law, are or may be conferred on shareholders;

[(v)] (5) For any other preferences,

rights, restrictions, including restrictions on

transferability, and qualifications not inconsistent with
law; and

[(vi)] (6) That the board of trustees may
classify or reclassify any unissued shares from time to time
by setting or changing the preferences, conversion or other
rights, voting powers, restrictions, limitations as to