§ 8-202. Declaration of trust contents
West's Annotated Code of MarylandCorporations and AssociationsEffective: October 1, 2009
Effective: October 1, 2009
MD Code, Corporations and Associations, § 8-202
§ 8-202. Declaration of trust contents
(a) A real estate investment trust shall file its declaration of trust for record with the Department.
(b)(1) The declaration of trust shall:
(viii) 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.
(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.
(c) Notwithstanding any provision of this title which requires for any action the concurrence of a greater proportion of the votes than a majority of the votes entitled to be cast, a real estate investment trust may provide by its declaration of trust that the action may be taken or authorized on the concurrence of a greater or smaller proportion, but not less than a majority of the number of votes entitled to be cast on the matter.
(d) The declaration of trust shall be signed and acknowledged by each trustee.
(e)(1) In this subsection, “facts ascertainable outside the bylaws” include:
Credits
Added by Acts 1975, c. 311, § 2, eff. July 1, 1975. Amended by Acts 1975, c. 374, § 17; Acts 1976, c. 353; Acts 1995, c. 564, § 1, eff. Oct. 1, 1995; Acts 1999, c. 300, § 1, eff. June 1, 1999; Acts 1999, c. 395, § 1, eff. Oct. 1, 1999; Acts 2000, c. 642, § 1, eff. June 1, 2000; Acts 2009, c. 93, § 1, eff. Oct. 1, 2009; Acts 2009, c. 94, § 1, eff. Oct. 1, 2009.
Formerly Art. 78C, §§ 2, 5.
MD Code, Corporations and Associations, § 8-202, MD CORP & ASSNS § 8-202
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.
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