Section 10A-10-1.01 Short title. This chapter and the provisions of Chapter 1 to the extent applicable to real estate investment trusts may be cited as the “Alabama Real Estate Investment Trust Law.” (Acts 1995, No. 95-628, p. 1317, §1; §10-13-1; amended and renumbered by Act 2009-513, p. 967, §308.)
Section 10A-10-1.02 Definitions. As used in this chapter, unless the context otherwise requires, the following words shall have the meanings respectively ascribed to them: (1) REAL ESTATE INVESTMENT TRUST. An unincorporated trust or association in which property is acquired, held, managed, administered, controlled, invested, or disposed of for the benefit and profit of any person […]
Section 10A-10-1.03 Permitted form of unincorporated trust or association. A real estate investment trust is a permitted form of unincorporated trust or association, and may conduct business in the state in accordance with this chapter and with Chapter 1. (Acts 1995, No. 95-628, p. 1317, §3; §10-13-3; amended and renumbered by Act 2009-513, p. 967, […]
Section 10A-10-1.04 Construction with other law. (a) This chapter does not limit present law as it applies to the creation of or doing business in the state by: (1) A common-law trust. (2) A business trust. (3) A Massachusetts trust. (b) To the extent any provision of this chapter is contrary to or inconsistent with […]
Section 10A-10-1.05 Compliance required. A real estate investment trust may not do business in the state until it complies with this chapter and, in the case of a foreign real estate investment trust, with Article 7 of Chapter 1. (Acts 1995, No. 95-628, p. 1317, §5; §10-13-5; amended and renumbered by Act 2009-513, p. 967, […]
Section 10A-10-1.06 Declaration of trust. (a) A real estate investment trust organized under this chapter shall file its declaration of trust in the same manner as the certificate of formation of an Alabama domestic filing entity and shall be subject in all respects to the provisions of Article 4 of Chapter 1, governing filing of […]
Section 10A-10-1.07 Classification of shares. (a) A real estate investment trust may provide by its declaration of trust any of the following: (1) That any specified class of shares is preferred over another class as to its distributive share of the assets on voluntary or involuntary liquidation of the real estate investment trust and the […]
Section 10A-10-1.08 Removal of trustees. Unless the declaration of trust provides otherwise, 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. (Acts 1995, No. 95-628, p. 1317, §8; […]
Section 10A-10-1.09 Powers. A real estate investment trust has the power to: (1) Unless the declaration of trust provides otherwise, have perpetual existence unaffected by any rule against perpetuities. (2) Sue, be sued, complain, and defend in all courts. (3) Transact its business, carry on its operations, and exercise the powers granted by this chapter […]
Section 10A-10-1.10 Provisions on investments and use. (a) A real estate investment trust shall hold, either directly or through other entities, assets of such character, in such percentages, and for such uses as permitted by Sections 856 to 860, inclusive, of the Internal Revenue Code, as amended from time to time. (b) Except as provided […]
Section 10A-10-1.11 Annual report. (a) Each year, a real estate investment trust doing business in this state shall prepare an annual report of its operations. The report shall include a balance sheet, an income statement, and a surplus statement. (b) The financial statements in the annual report shall be certified by an independent certified public […]
Section 10A-10-1.12 Inspection of records. A shareholder has the same right to inspect the records of the real estate investment trust as a shareholder of a corporation under the Alabama Business Corporation Law. (Acts 1995, No. 95-628, p. 1317, §12; §10-13-12; amended and renumbered by Act 2009-513, p. 967, §308; Act 2019-94, §2.)
Section 10A-10-1.13 Filing fees. (a) A real estate investment trust shall pay the filing fees required under Section 10A-1-4.31. (b) In computing fees under this section, a real estate investment trust shall treat its declaration of trust in the same manner as a certificate of formation. (Acts 1995, No. 95-628, p. 1317, §13; §10-13-13; amended […]
Section 10A-10-1.14 Amendment of declaration. (a) Except as provided in subsection (c) of Section 10A-10-1.06 or subdivision (7) of subsection (a) of Section 10A-10-1.07, a declaration of trust may be amended only as provided in this section. (b) The board of trustees of a real estate investment trust proposing an amendment to its declaration of […]
Section 10A-10-1.15 Merger. (a) For purposes of this section, the following words shall have the respective meanings ascribed to them: (1) ALABAMA REAL ESTATE INVESTMENT TRUST. A real estate investment trust organized in compliance with the provisions of this chapter. (2) BUSINESS TRUST. a. An entity described in Section 10A-16-1.01. b. An unincorporated trust or […]
Section 10A-10-1.16 Dissolution. (a) A real estate investment trust may terminate its existence by voluntary dissolution and wind up its business and affairs in the manner and on the grounds provided in the Alabama Business Corporation Law. (b) A real estate investment trust may curtail or cease its trust activities by partially or completely distributing […]
Section 10A-10-1.17 Liability of trust. The liability of a real estate investment trust extends to as much of the trust estate, including the whole, as necessary to discharge the liability. (Acts 1995, No. 95-628, p. 1317, §17; §10-13-17; amended and renumbered by Act 2009-513, p. 967, §308.)
Section 10A-10-1.18 Nonliability of shareholders for obligations of trust. No holder of the shares of, or beneficial interest in, a real estate investment trust shall be personally liable for any liabilities, duties or obligations of, or claims against, the real estate investment trust, whether arising before or after the holder became the owner or holder […]
Section 10A-10-1.19 Liability of trustee. (a) Subject to the provisions of subsection (b), a trustee of a real estate investment trust is not personally liable for the obligations of the real estate investment trust. (b) If a trustee otherwise would be liable, the provisions of this subsection do not relieve the trustee from any liability […]
Section 10A-10-1.20 Service of process. In an action against a real estate investment trust doing business in the state, process shall be served on any officer or resident agent of the real estate investment trust or by any method permitted under Section 10A-1-5.31, 10A-1-5.35, or 10A-1-5.36, and any notice or demand permitted or required by […]
