There is a newer version
of
this Section
2017 Maryland Code
Corporations and Associations
Title 8 - Real Estate Investment Trusts
Subtitle 7 - Conversions of Real Estate Investment Trusts.
§ 8-702. Approval and objections.
Universal Citation: MD Corp & Assn Code § 8-702 (2017)
- (a) Real estate investment trust to other entity. -- A conversion of a real estate investment trust to an other entity shall be approved in the manner provided by this section and in accordance with any additional requirements set forth in the real estate investment trust's declaration of trust.
- (b) Real estate investment trust to other entity -- Approval by board of trustees. -- A conversion of a real estate investment trust need be approved only by a majority of the board of trustees if no shares of beneficial interest are outstanding or subscribed for.
- (c) Duties of board of trustees. -- The board of trustees of a real estate investment trust that proposes to convert to an other entity shall:
- (1) Adopt a resolution declaring that the proposed conversion is advisable on substantially the terms and conditions set forth or referred to in the resolution; and
- (2) Direct that the proposed conversion be submitted for consideration at an annual or a special meeting of the shareholders.
- (d) Real estate investment trust to other entity -- Notice of special meeting. -- Notice stating that a purpose of the meeting will be to act on the proposed conversion shall be given by the real estate investment trust in the manner provided for corporations by Title 2 of this article to:
- (1) Each of its shareholders entitled to vote on the proposed transaction; and
- (2) Each of its shareholders not entitled to vote on the proposed transaction.
- (e) Real estate investment trust to other entity -- Approval by shareholders. -- The proposed conversion shall be approved by the shareholders of the real estate investment trust by the affirmative vote of two-thirds of all the votes entitled to be cast on the matter.
- (f) Other entity to real estate investment trust. -- A conversion of an other entity to a real estate investment trust shall be approved in the manner and by the vote required by its governing document and the laws of the place where it is incorporated or organized.
- (g) Objections. -- Each shareholder of a real estate investment trust objecting to a conversion of the real estate investment trust shall have the same rights as an objecting stockholder of a Maryland corporation under Title 3, Subtitle 2 of this article and under the same procedures.
Disclaimer: These codes may not be the most recent version. Maryland may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.
