(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 of an Alabama domestic filing entity and shall be subject in all respects to the provisions of Article 4 of Chapter 1, governing filing of documents except as those provisions may be inconsistent with the provisions of this chapter.
(b) The declaration of trust shall:
(1) Indicate clearly that the trust is a real estate investment trust.
(2) State the name of the trust.
(3) State the total number of shares that the real estate investment trust has authority to issue.
(4) Provide for an annual meeting of shareholders after the delivery of the annual report, at a convenient location and on proper notice.
(5) Provide for the election of trustees at least every third year at an annual meeting of shareholders.
(6) State the number of trustees and the names of those persons who will serve as trustees until the first meeting of shareholders and until their successors are elected and qualified or at a later time as may be specified in the declaration of trust.
(7) State the name and address of a resident agent of the real estate investment trust in Alabama.
(8) If the shares are divided into classes as permitted by Section 10A-10-1.07, provide a description of each class, including any preferences, conversion, and other rights, voting powers, restrictions, limitations as to dividends or distributions, qualifications, and terms and conditions of redemption.
(c) Notwithstanding any provision of this chapter which requires for any action, the concurrence of a greater proportion of the votes than a majority of the votes entitled to be cast, a real estate investment trust may provide by its declaration of trust that the action may be taken or authorized on the concurrence of a smaller proportion, but not less than a majority of the number of votes entitled to be cast on the matter.
(d) The declaration of trust shall be signed and acknowledged by each trustee.
Structure Code of Alabama
Title 10A - Alabama Business and Nonprofit Entities Code.
Chapter 10 - Real Estate Investment Trusts.
Section 10A-10-1.01 - Short Title.
Section 10A-10-1.02 - Definitions.
Section 10A-10-1.03 - Permitted Form of Unincorporated Trust or Association.
Section 10A-10-1.04 - Construction With Other Law.
Section 10A-10-1.05 - Compliance Required.
Section 10A-10-1.06 - Declaration of Trust.
Section 10A-10-1.07 - Classification of Shares.
Section 10A-10-1.08 - Removal of Trustees.
Section 10A-10-1.10 - Provisions on Investments and Use.
Section 10A-10-1.11 - Annual Report.
Section 10A-10-1.12 - Inspection of Records.
Section 10A-10-1.13 - Filing Fees.
Section 10A-10-1.14 - Amendment of Declaration.
Section 10A-10-1.16 - Dissolution.
Section 10A-10-1.17 - Liability of Trust.
Section 10A-10-1.18 - Nonliability of Shareholders for Obligations of Trust.
Section 10A-10-1.19 - Liability of Trustee.
Section 10A-10-1.20 - Service of Process.
Section 10A-10-1.21 - Income Tax.
Section 10A-10-1.23 - Treatment of Corporate Real Estate Investment Trust.