Section 8-201 – Formation; Compliance Required

    A real estate investment trust:         (1)    Is formed by filing a declaration of trust for record with the Department; and         (2)    May not do business in the State until it complies with this title.

Section 8-202 – Declaration of Trust

    (a)    A real estate investment trust shall file its declaration of trust for record with the Department.     (b)    (1)    The declaration of trust shall:             (i)    Indicate clearly that the trust is a real estate investment trust;             (ii)    State the name of the trust;             (iii)    State the total number of shares which the real estate investment trust has authority to issue;             (iv)    Provide […]

Section 8-203 – Classification of Shares

    (a)    A real estate investment trust may provide by its declaration of trust:         (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 amount of the preference;         (2)    That any specified class of shares may […]

Section 8-204 – Security for Payment of Taxes

    (a)    A real estate investment trust shall post the security for taxes required under § 13-825 of the Tax – General Article.     (b)    If the Comptroller waives the requirement of a security, the Comptroller shall notify the Department in writing of the waiver.

Section 8-205 – Removal of Trustee

    (a)    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 generally for the election of trustees, except:         (1)    As provided in subsection (b) of this section;         (2)    As otherwise provided in the declaration of trust of […]

Section 8-206 – Trustee Committees; Delegation of Powers

    (a)    The board of trustees of a real estate investment trust may establish 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.     (b)    Notwithstanding subsection (a) of this section, the declaration of trust or […]

Section 8-207 – Federal Qualification by Issuance of Shares Without Consideration

    Notwithstanding any other provision of the Maryland REIT Law, a real estate investment trust may issue shares of beneficial interest without consideration for the purpose of qualifying the real estate investment trust as a real estate investment trust under the Internal Revenue Code.