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ROBERT L. EHRLICH, JR., Governor Ch. 586
8-207.
Notwithstanding any other provision of this article THE MARYLAND REIT LAW, a
real estate investment trust may issue shares of beneficial interest [to up to 100
persons] without consideration for the purpose of qualifying the real estate
investment trust as a real estate investment trust under the Internal Revenue Code.
[8-401.
(a) Each year, a real estate investment trust doing business in the State shall
prepare an annual report of its operations. The report shall include a balance sheet,
an income statement, and a surplus statement.
(b) The financial statements in the annual report shall be certified by an
independent certified public accountant based on the accountant's full examination of
the books and records of the real estate investment trust in accordance with generally
accepted auditing procedure.
(c) The annual report:
(1) Shall be submitted to shareholders at or before the annual meeting of
shareholders; and
(2) Within the earlier of 20 days after the annual meeting of
shareholders or 120 days after the end of the fiscal year, shall be placed on file at the
principal office of the real estate investment trust.]
8-501.
(f) Articles of amendment[, setting forth the amendment and stating the
manner in which it was approved,] shall be [signed and acknowledged by at least a
majority of the trustees, or an officer duly authorized by at least a majority of the
trustees,] EXECUTED FOR THE REAL ESTATE INVESTMENT TRUST IN THE MANNER
REQUIRED BY § 1-301 OF THIS ARTICLE and filed FOR RECORD with the Department.
8-601.1.
Sections 2-201(c), 2-313, 2-405.1(d) through (g), 2-502(e), and 2-504(f) of this
article shall apply to real estate investment trusts.
SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
June 1, 2005.
Approved May 26, 2005.
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