PARRIS N. GLENDENING, Governor

Ch. 564

BY adding to

Article - Corporations and Associations

Section 8-205

Annotated Code of Maryland

(1993 Replacement Volume and 1994 Supplement)

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

Article - Corporations and Associations

8-202.

(b) The declaration of trust shall:

(1)     Indicate clearly that the trust is a real estate investment trust;

(2)  STATE THE NAME OF THE TRUST;

[(2)](3) State the total number of shares which the real estate investment
trust has authority to issue;

[(3)] (4) Provide for an annual meeting of shareholders after the delivery of
the annual report, at a convenient location and on proper notice;

[(4)] (5) Provide for the election of trustees at least every third year at an
annual meeting of shareholders;

[(5) Provide for the removal of a trustee at any time by the affirmative vote
of the holders of two thirds of the shares;]

(6)     State the [name and address of each trustee] NUMBER OF TRUSTEES
AND THE NAMES OF THOSE PERSONS WHO WILL SERVE AS TRUSTEES UNTIL THE
FIRST MEETING OF SHAREHOLDERS AND UNTIL THEIR SUCCESSORS ARE ELECTED
AND QUALIFY OR SUCH LATER TIME AS MAY BE SPECIFIED IN THE DECLARATION
OF TRUST;

(7)     State the name and address of a resident agent of the real estate
investment trust in the State; AND

(8)      [Provide that the declaration of trust may not be amended except as
provided in § 8-501 of this title; and

(9)] If the shares are divided into classes as permitted by § 8-203 of this
subtitle, provide a description of each class, including any preferences, conversion and
other rights, voting powers, restrictions, limitations as to dividends OR DISTRIBUTIONS,
qualifications, and terms and conditions of redemption.

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