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<section article="gca" article_name="Corporations and Associations" number="8-502" title_number="8" title_name="Real Estate Investment Trusts" subtitle_number="5" subtitle_name="Amendments and Termination of Existence">
  <level label="a">
    <text>A real estate investment trust may terminate its existence by voluntary dissolution in accordance with subsection (b) of this section.</text>
  </level>
  <level label="b">
    <level label="1">
      <text>In order to terminate its existence, a real estate investment trust must file a notice of termination with the Department that includes:</text>
      <level label="i">
        <text>The name of the real estate investment trust;</text>
      </level>
      <level label="ii">
        <level label="1">
          <text>A statement that the termination of the real estate investment trust by voluntary dissolution was approved in the manner and by the vote required by law and by the declaration of trust of the real estate investment trust; and</text>
        </level>
        <level label="2">
          <text>A statement detailing the manner of approval;</text>
        </level>
      </level>
      <level label="iii">
        <text>All other provisions the board of the real estate investment trust considers necessary to dissolve and terminate the real estate investment trust; and</text>
      </level>
      <level label="iv">
        <text>A statement that the real estate investment trust is dissolved and terminated.</text>
      </level>
    </level>
    <level label="2">
      <text>The notice of termination shall be executed by:</text>
      <level label="i">
        <text>The chairman or vice chairman of the board of trustees;</text>
      </level>
      <level label="ii">
        <text>The chief executive officer;</text>
      </level>
      <level label="iii">
        <text>The chief operating officer;</text>
      </level>
      <level label="iv">
        <text>The chief financial officer;</text>
      </level>
      <level label="v">
        <text>The president or a vice president; or</text>
      </level>
      <level label="vi">
        <text>If authorized by the bylaws or a resolution of the board of trustees, any other officer or agent of the real estate investment trust.</text>
      </level>
    </level>
  </level>
  <level label="c">
    <level label="1">
      <text>Except as provided in paragraph (2) of this subsection, the real estate investment trust is dissolved and terminated on the later of:</text>
      <level label="i">
        <text>The time that the Department accepts the notice of termination for record; or</text>
      </level>
      <level label="ii">
        <text>The time established by the notice of termination, not to exceed 30 days after the notice is accepted for record.</text>
      </level>
    </level>
    <level label="2">
      <text>The real estate investment trust continues to exist for the purpose of:</text>
      <level label="i">
        <text>Paying, satisfying, and discharging any existing debts or obligations;</text>
      </level>
      <level label="ii">
        <text>Collecting and distributing assets; and</text>
      </level>
      <level label="iii">
        <text>Taking all other actions required to liquidate and wind up its business and affairs.</text>
      </level>
    </level>
  </level>
  <level label="d">
    <level label="1">
      <text>The Attorney General may institute proceedings to dissolve a real estate investment trust that has abused, misused, or failed to use its powers.</text>
    </level>
    <level label="2">
      <text>The proceedings shall be brought in the manner and on the grounds provided in Title 3, Subtitle 5 of this article with respect to dissolution of a corporation for misuse of its franchise.</text>
    </level>
    <level label="3">
      <text>The venue of an action under this subsection is in a county where an officer or resident agent of the real estate investment trust is located.</text>
    </level>
  </level>
</section>
