Section 8-502 - Termination of existence.
§ 8-502. Termination of existence.
(a) Voluntary dissolution.- A real estate investment trust may terminate its existence by voluntary dissolution. The Department shall be notified of the effective date of the dissolution.
(b) Liquidation.- A real estate investment trust may curtail or cease its trust activities by partially or completely distributing its assets.
(c) Involuntary dissolution for abuse of powers.-
(1) The Attorney General may institute proceedings to dissolve a real estate investment trust which has abused, misused, or failed to use its powers. 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.
(2) 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.
[An. Code 1957, art. 78C, §§ 2, 3; 1975, ch. 311, § 2.]