Chapter 1 - Real Estate Investment Trusts
- Section 10-13-1 Short title
This chapter shall be known and may be cited as the "Alabama Real Estate Investment Trust Act." ...
- Section 10-13-2 Definitions
As used in this chapter, unless the context otherwise requires, the following words shall have the meanings respectively ascribed to them: (1) REAL ESTATE ...
- Section 10-13-3 Permitted form of unincorporated trust or association
A real estate investment trust is a permitted form of unincorporated trust or association, and may conduct business in the state in accordance with ...
- Section 10-13-4 Construction with other law
(a) This chapter does not limit present law as it applies to the creation of or doing business in the state by: (1) A ...
- Section 10-13-5 Compliance required
A real estate investment trust may not do business in the state until it complies with this chapter. ...
- Section 10-13-6 Declaration of trust
(a) A real estate investment trust shall file its declaration of trust in the same manner as the articles of incorporation of an Alabama ...
- Section 10-13-7 Classification of shares
(a) A real estate investment trust may provide by its declaration of trust any of the following: (1) That any specified class of shares ...
- Section 10-13-8 Removal of trustees
Unless the declaration of trust provides otherwise, the shareholders of a real estate investment trust may remove any trustee with or without cause by ...
- Section 10-13-9 Powers
A real estate investment trust has the power to: (1) Unless the declaration of trust provides otherwise, have perpetual existence unaffected by any rule ...
- Section 10-13-10 Restrictions on investments and use
(a) A real estate investment trust shall hold, either directly or through other entities, at least 75 percent of the value of its assets ...
- Section 10-13-11 Annual report
(a) Each year, a real estate investment trust doing business in this state shall prepare an annual report of its operations. The report shall ...
- Section 10-13-12 Inspection of records
A shareholder has the same right to inspect the records of the real estate investment trust as a shareholder of a corporation under Chapter ...
- Section 10-13-13 Filing fees
(a) A real estate investment trust shall pay the filing fees required under Section 10-2B-1.22. (b) In computing fees under this section, a real ...
- Section 10-13-14 Amendment of declaration
(a) Except as provided in subsection (c) of Section 10-13-6 or subdivision 7 of subsection (a) of Section 10-13-7, a declaration of trust may ...
- Section 10-13-15 Merger
(a) For purposes of this section, the following words shall have the respective meanings ascribed to them: (1) ALABAMA REAL ESTATE INVESTMENT TRUST. A ...
- Section 10-13-16 Termination of existence
(a) A real estate investment trust may terminate its existence by voluntary dissolution in the manner and on the grounds provided in Article 14 ...
- Section 10-13-17 Liability of trust
The liability of a real estate investment trust extends to as much of the trust estate, including the whole, as necessary to discharge the ...
- Section 10-13-18 Nonliability of shareholders for obligations of trust
No holder of the shares of, or beneficial interest in, a real estate investment trust shall be personally liable for any liabilities, duties or ...
- Section 10-13-19 Liability of trustee
(a) Subject to the provisions of subsection (b), a trustee of a real estate investment trust is not personally liable for the obligations of ...
- Section 10-13-20 Service of process
In an action against a real estate investment trust doing business in the state, process shall be served on any officer or resident agent ...
- Section 10-13-21 Income tax
(a) A real estate investment trust shall be subject to the tax imposed by Section 40-18-31, provided, that for purposes of Section 40-18-33, the ...
- Section 10-13-22 Share tax exemption
Repealed by Act 2000-705, § 5, 2000 Regular Session, effective May 23, 2000. ...
- Section 10-13-23 Treatment of corporate real estate investment trust
A domestic or foreign corporation or any "qualified REIT subsidiary" of the domestic or foreign corporation as defined in 26 U.S.C. Section 856(i), otherwise ...
- Section 10-13-24 Treatment of distributions
Distributions made from ordinary income by a real estate investment trust are income. All other distributions made by the trust, including distributions from capital ...
