Code of Alabama - Title 10A: Alabama Business and Nonprofit Entities Code - Chapter 10 - Real Estate Investment Trusts

• Section 10A-10-1.01 Short title
  This chapter and the provisions of Chapter 1 to the extent applicable to real estate investment trusts may be cited as the "Alabama Real Estate...
• Section 10A-10-1.02 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 INVESTMENT...
• Section 10A-10-1.03 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 this...
• Section 10A-10-1.04 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 common-law...
• Section 10A-10-1.05 Compliance required
  A real estate investment trust may not do business in the state until it complies with this chapter and, in the case of a foreign...
• Section 10A-10-1.06 Declaration of trust
  (a) A real estate investment trust organized under this chapter shall file its declaration of trust in the same manner as the certificate of formation...
• Section 10A-10-1.07 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 is...
• Section 10A-10-1.08 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 the...
• Section 10A-10-1.09 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 against...
• Section 10A-10-1.10 Provisions on investments and use
  (a) A real estate investment trust shall hold, either directly or through other entities, assets of such character, in such percentages, and for such uses...
• Section 10A-10-1.11 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 include...
• Section 10A-10-1.12 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 the Alabama...
• Section 10A-10-1.13 Filing fees
  (a) A real estate investment trust shall pay the filing fees required under Section 10A-1-4.31. (b) In computing fees under this section, a real estate...
• Section 10A-10-1.14 Amendment of declaration
  (a) Except as provided in subsection (c) of Section 10A-10-1.06 or subdivision (7) of subsection (a) of Section 10A-10-1.07, a declaration of trust may be...
• Section 10A-10-1.15 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 real...
• Section 10A-10-1.16 Dissolution
  (a) A real estate investment trust may terminate its existence by voluntary dissolution and wind up its business and affairs in the manner and on...
• Section 10A-10-1.17 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 liability.
• Section 10A-10-1.18 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 obligations...
• Section 10A-10-1.19 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 the...
• Section 10A-10-1.20 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 of...
• Section 10A-10-1.21 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 "net...
• Section 10A-10-1.22 Reserved Reserved.
• Section 10A-10-1.23 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 in...
• Section 10A-10-1.24 Treatment of distribution
  Distributions made from ordinary income by a real estate investment trust are income. All other distributions made by the trust, including distributions from capital gains,...

Last modified: May 3, 2021