(a) A real estate investment trust may terminate its existence by voluntary dissolution in accordance with subsection (b) of this section.
Notice of termination
(b)(1) In order to terminate its existence, a real estate investment trust must file a notice of termination with the Department that includes:
(i) The name of the real estate investment trust;
(ii) 1. A statement that the termination of the real estate investment trust by voluntary dissolution was approved in the manner and by the vote required by law and by the declaration of trust of the real estate investment trust; and
2. A statement detailing the manner of approval;
(iii) All other provisions the board of the real estate investment trust considers necessary to dissolve and terminate the real estate investment trust; and
(iv) A statement that the real estate investment trust is dissolved and terminated.
(2) The notice of termination shall be executed by:
(i) The chairman or vice chairman of the board of trustees;
(ii) The chief executive officer;
(iii) The chief operating officer;
(iv) The chief financial officer;
(v) The president or a vice president; or
(vi) If authorized by the bylaws or a resolution of the board of trustees, any other officer or agent of the real estate investment trust.
Time of dissolution and termination
(c)(1) Except as provided in paragraph (2) of this subsection, the real estate investment trust is dissolved and terminated on the later of:
(i) The time that the Department accepts the notice of termination for record; or
(ii) The time established by the notice of termination, not to exceed 30 days after the notice is accepted for record.
(2) The real estate investment trust continues to exist for the purpose of:
(i) Paying, satisfying, and discharging any existing debts or obligations;
(ii) Collecting and distributing assets; and
(iii) Taking all other actions required to liquidate and wind up its business and affairs.
Proceedings for dissolution
(d)(1) The Attorney General may institute proceedings to dissolve a real estate investment trust that has abused, misused, or failed to use its powers.
(2) The proceedings shall be brought in the manner and on the grounds provided in Title 3, Subtitle 5 of this article with respect to dissolution of a corporation for misuse of its franchise.
(3) The venue of an action under this subsection is in a county where an officer or resident agent of the real estate investment trust is located.
Credits
Added by Acts 1975, c. 311, § 2, eff. July 1, 1975. Amended by Acts 2023, c. 560, § 1, eff. Oct. 1, 2023.
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
