(2) A DECLARATION OF TRUST MAY INCLUDE A PROVISION THAT
ALLOWS THE TRUSTEES, IN CONSIDERING A POTENTIAL ACQUISITION OF CONTROL
OF A THE REAL ESTATE INVESTMENT TRUST, TO CONSIDER THE EFFECT OF THE
POTENTIAL ACQUISITION OF CONTROL ON:

(I) SHAREHOLDERS, EMPLOYEES, SUPPLIERS, CUSTOMERS, AND
CREDITORS OF THE TRUST; AND

(II) COMMUNITIES IN WHICH OFFICES OR OTHER
ESTABLISHMENTS OF THE TRUST ARE LOCATED.

(3) THE INCLUSION OR OMISSION OF A PROVISION IN A DECLARATION
OF TRUST THAT ALLOWS THE BOARD OF TRUSTEES TO CONSIDER THE EFFECT OF A
POTENTIAL ACQUISITION OF CONTROL ON PERSONS SPECIFIED IN PARAGRAPH (2) OF
THIS SUBSECTION DOES NOT CREATE AN INFERENCE CONCERNING FACTORS THAT
MAY BE CONSIDERED BY THE BOARD OF TRUSTEES REGARDING A POTENTIAL
ACQUISITION OF CONTROL.

8-205.

Unless the declaration of trust provides otherwise OR THE REAL ESTATE
INVESTMENT TRUST ELECTS TO BE SUBJECT TO § 3-804(A) OF THIS ARTICLE, the
shareholders of a real estate investment trust may remove any trustee, with or
without cause, by the affirmative vote of a majority of all the votes entitled to be cast
for the election of trustees.

8-206.

THE DECLARATION OF TRUST OR BYLAWS OF A REAL ESTATE INVESTMENT
TRUST MAY PROVIDE FOR ONE OR MORE COMMITTEES OF THE BOARD OF TRUSTEES
COMPOSED OF ONE OR MORE TRUSTEES AND FOR THE DELEGATION TO THOSE
COMMITTEES OF ANY OF THE POWERS OF THE BOARD OF TRUSTEES.

Subtitle 6. Liabilities [and], Service of Process, AND MISCELLANEOUS PROVISIONS.
8-601.1.

SECTIONS 2-201(C), 2-405.1 2-405.1(D) THROUGH (G), 2-502(E), AND 2-504(E) OF
THIS ARTICLE SHALL APPLY TO REAL ESTATE INVESTMENT TRUSTS.

SECTION 2. AND BE IF IT FURTHER ENACTED, That the changes made to §
2-104(b) of the Corporations and Associations Article by this Act may not be
construed or interpreted to invalidate a provision contained in the charter of a
corporation before the effective date of this Act that allows the board of directors of
the corporation, in considering a potential acquisition of control of the corporation, to
consider the effect of the potential acquisition of control on stockholders, employees,
customers, suppliers, and creditors of the corporation, and communities in which
offices or other establishments of the corporation are located.

SECTION 3. AND BE IT FURTHER ENACTED, That the changes made to §
8-202(b) of the Corporations and Associations Article by this Act may not be
construed or interpreted to invalidate a provision contained in the declaration of trust