Ch. 596                                    1994 LAWS OF MARYLAND

Approved May 26, 1994.

AN ACT concerning

CHAPTER 596
(House Bill 774)

Real Estate Investment Trusts

FOR the purpose of clarifying that the provisions of law relating to real estate trusts
under the Corporations Article apply only to real estate investment trusts formed
under those provisions; clarifying that real estate investment trusts may hold
property directly or indirectly; authorizing real estate investment trusts to indemnify
or advance expenses to trustees, officers, employees, and agents to the same extent
as directors, officers, employees, and agents of a Maryland corporation may be
indemnified; altering the type of assets that may be held by real estate investment
trusts; altering the requirements for filing and delivering annual reports of real
estate investment trusts; requiring that amendments to the declaration of trust of a
real estate investment trust be signed and acknowledged in a certain manner; and
generally relating to real estate investment trusts.

BY repealing and reenacting, with amendments,
Article - Corporations and Associations

Section 8-101(b), 8-301(13) and (14), 8-302, 8-401, 8-501(c), and 8-701
Annotated Code of Maryland                                   

(1993 Replacement Volume and 1993 Supplement)

BY adding to

Article - Corporations and Associations

Section 8-301(15)

Annotated Code of Maryland

(1993 Replacement Volume and 1993 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows: .

Article - Corporations and Associations

8-101.

(b) "Real estate investment trust" means an unincorporated trust or association
FORMED UNDER THIS TITLE in which property is acquired, held, managed,
administered, controlled, invested, or disposed of [by trustees] for the benefit and profit
of any person who may become a shareholder.

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