(2) the person is a foreign corporation, foreign limited liability company,
foreign limited liability partnership, or foreign limited partnership registered or
qualified to do business in the State; or

(3) the person owns or during the preceding calendar year owned
property that is subject to property tax.

SECTION 2. AND BE IT FURTHER ENACTED, That if any provision of the act
or the application thereof to any person or circumstance is held invalid for any reason
in a court of competent jurisdiction, the invalidity does not affect other provisions or
any other application of this Act which can be given effect without the invalid
provision or application, and for this purpose the provisions of this Act are declared
severable.

SECTION 3. AND BE IT FURTHER ENACTED, That:

(a) The provisions of this Act have no effect on the validity, powers,
rights, or liabilities of common law business trusts created before or after October 1,
10949 January 1, 2000, or the trustees or beneficiaries of common law business trusts
created before or after October 1, 1999 January 1, 2000.

(b) (1) Subject to the provisions of paragraph (2) of this subsection,
common law business trusts created before or after October 1, 1998 January 1, 2000
may elect, on the filing of a certificate of trust, to be governed by the provisions of this
Act.

(2) A common law business trust created before October 1, 1999
January 1, 2000 may not be governed by the provisions of this Act to the extent of any
inconsistent provisions contained in its governing instrument and not subsequently
modified by amendment.

SECTION 4. AND BE IT FURTHER ENACTED, That this Act shall take effect
October 1, 1900 January 1, 2000.

Approved May 13, 1999.

CHAPTER 453
(House Bill 775)

AN ACT concerning

Corporations - Investment Companies

FOR the purpose of providing that certain shares of stock acquired by an investment
company may be held by the investment company in a certain capacity under
certain circumstances; providing that the investment company may exercise
voting rights, receive distributions, and be allocated other rights under certain
circumstances; allowing a closed-end investment company under certain
circumstances to submit a proposal to its stockholders to take certain actions