In this title the following words have the meanings indicated. “Declaration of trust” means the declaration of trust filed with the Department for the purpose of forming a real estate investment trust, as specified in § 8–202 of this title, either as originally accepted for record or as amended, corrected, or supplemented by articles of amendment, articles of amendment and restatement, articles supplementary, articles of merger, or a certificate of correction. “Real estate investment trust” means an unincorporated business trust or association formed under this title in which property is acquired, held, managed, administered, controlled, invested, or disposed of for the benefit and profit of any person who may become a shareholder. “Share” means a transferable unit of beneficial interest in a real estate investment trust. “Shareholder” means a person who is a record holder of shares.

A real estate investment trust: Is a permitted form of unincorporated business trust or association; Is a separate legal entity; and May conduct business in the State in accordance with this title.

This title does not limit present law as it applies to the creation of or doing of business in the State by a “business trust” other than a Maryland real estate investment trust. To the extent any provision of this title is contrary to or inconsistent with §§ 856 through 858 of the Internal Revenue Code or the regulations adopted under those sections, the latter shall prevail as to any real estate investment trust qualifying under those sections and regulations.