REAL ESTATE INVESTMENT TRUSTS - SUPPLEMENTAL WINDING UP AND TERMINATION PROVISIONS AND MISCELLANEOUS PROVISIONS

TEXAS BUSINESS ORGANIZATIONS CODE

SUPPLEMENTAL WINDING UP AND TERMINATION PROVISIONS

§ 200.451. APPROVAL OF VOLUNTARY WINDING UP.

A real estate investment trust must approve a voluntary winding up under Chapter 11 by the affirmative vote of the shareholders in accordance with § 200.261.

§ 200.452. APPROVAL OF REINSTATEMENT, CANCELLATION, OR REVOCATION OF VOLUNTARY WINDING UP.

A real estate investment trust may reinstate its existence under § 11.202, revoke a voluntary decision to wind up under § 11.151, or cancel an event requiring winding up under § 11.152 by the affirmative vote of the shareholders in accordance with § 200.261.

§ 200.453. RESPONSIBILITY FOR WINDING UP.

If a real estate investment trust determines or is required to wind up, the trust managers shall manage the winding up of the business or affairs of the real estate investment trust.

MISCELLANEOUS PROVISIONS

§ 200.501. EXAMINATION OF RECORDS.

(a) On written demand stating a proper purpose, a shareholder of record of a real estate investment trust for at least six months immediately preceding the shareholder's demand, or a holder of record of at least five percent of all of the outstanding shares of a real estate investment trust, is entitled to examine and copy, at a reasonable time, the real estate investment trust's relevant books and records of account, minutes, and share transfer records. The examination may be conducted in person or through an agent or attorney.

(b) This § does not impair the power of a court, on the presentation of proof of proper purpose by a shareholder, to compel the production for examination by the shareholder of the books and records of account, minutes, and share transfer records of a real estate investment trust, regardless of the period during which the shareholder was a record holder and regardless of the number of shares held by the person.

§ 200.502. JOINDER OF SHAREHOLDERS NOT REQUIRED.

The joinder of shareholders of a real estate investment trust is not required for any sale, lease, mortgage, or other disposition of all or part of the assets of the real estate investment trust.

§ 200.503. TAX LAW REQUIREMENTS.

In connection with a real estate investment trust qualifying or attempting to qualify as a real estate investment trust under the Internal Revenue Code and the regulations adopted under the Internal Revenue Code, a provision of this chapter is subject to the provisions of the Internal Revenue Code or the regulations relating to or governing real estate investment trusts adopted under those provisions if:

(1) the provision of this chapter is contrary to or inconsistent with the federal provisions or regulations;

(2) the federal provisions or regulations require a real estate investment trust to take any action required to secure or maintain its status as a real estate investment trust under the federal provisions or regulations; or

(3) the federal provisions or regulations prohibit the real estate investment trust from taking any action required to secure or maintain its status as a real estate investment trust under the federal provision or regulation.

Contact Information

Mailing Address

Chowins Law Firm, PLLC
1011 Surrey Lane #200
Flower Mound, TX 75022

Telephone

(469) 630-2550

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