HARRY HUGHES, Governor

1637

dividends, qualifications, or terms or conditions of
redemption of the shares.

[(2)] (B) If, under a power contained in the
declaration of trust, the board of trustees classifies or
reclassifies any unissued shares by setting or changing the
preferences, conversion or other rights, voting powers,
restrictions, limitations as to dividends, qualifications or
terms or conditions of redemption, the board, before issuing
any of the shares, shall file articles supplementary for
record with the Department which shall include:

[(i)] (1) A description of the shares,
including the preferences, conversion and other rights,
voting powers, restrictions, limitations as to dividends,
qualifications, and terms and conditions of redemption, as
set or changed by the board of trustees; and

[(ii)] (2) A statement that the shares
have been classified or reclassified by the board of
trustees under the authority contained in the declaration of
trust.

[(3)] (C) 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)] (1) 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)] (2) If the real estate investment
trust is authorized to issue any preferred or special class
in series:

[(A)] (I) The differences in the
relative rights and preferences between the shares of each
series to the extent they have been set; and

[(B)] (II) The authority of the
board of trustees to set the relative rights and preferences
of subsequent series.

[(4) (i)] (D) (1) A summary of the information
required by [paragraph (3)] SUBSECTION (C) of this
[subsection] 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)] (2) Instead of a full statement or
summary, the certificate may state that the real estate
investment trust will furnish a full statement of the