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 TRUST. An unincorporated trust or association in which property is acquired, held, managed, administered, controlled, invested, or disposed of for the benefit and profit of any person who may become shareholder or an entity that otherwise complies with the provisions of 26 U.S.C. Sections 856 to 858, inclusive, of the U.S. Internal Revenue Code, and the rulings and regulations adopted thereunder.
(2) SHARE. A transferable unit of beneficial interest in a real estate investment trust.
(3) SHAREHOLDER. The holder of a transferable unit of beneficial interest in a real estate investment trust.
Structure Code of Alabama
Title 10 - Corporations, Partnerships, and Associations.
Chapter 13 - Real Estate Investment Trusts.
Section 10-13-1 - Short Title.
Section 10-13-2 - Definitions.
Section 10-13-3 - Permitted Form of Unincorporated Trust or Association.
Section 10-13-4 - Construction With Other Law.
Section 10-13-5 - Compliance Required.
Section 10-13-6 - Declaration of Trust.
Section 10-13-7 - Classification of Shares.
Section 10-13-8 - Removal of Trustees.
Section 10-13-10 - Restrictions on Investments and Use.
Section 10-13-11 - Annual Report.
Section 10-13-12 - Inspection of Records.
Section 10-13-13 - Filing Fees.
Section 10-13-14 - Amendment of Declaration.
Section 10-13-16 - Termination of Existence.
Section 10-13-17 - Liability of Trust.
Section 10-13-18 - Nonliability of Shareholders for Obligations of Trust.
Section 10-13-19 - Liability of Trustee.
Section 10-13-20 - Service of Process.
Section 10-13-21 - Income Tax.
Section 10-13-22 - Share Tax Exemption.
Section 10-13-23 - Treatment of Corporate Real Estate Investment Trust.