SENATE BILL 501

Sponsored By:

Senator Raskin

Entitled:

Real Estate Investment Trusts - Miscellaneous Provisions

Synopsis:

Clarifying that a real estate investment trust may provide by its declaration of trust that holders of one or more classes or series of shares have exclusive voting rights on an amendment that would alter only the contract rights of those shareholders; providing that, without action by the shareholders, the majority of the entire board of trustees may amend the declaration of trust in a specified manner under specified circumstances, unless prohibited in the declaration of trust; etc.

History by Legislative and Calendar Date

Senate Action

2/3

First Reading Judicial Proceedings

2/10

Hearing 2/24 at 1:00 p.m.

3/8

Favorable Report by Judicial Proceedings

Favorable Report Adopted

Second Reading Passed

3/10

Third Reading Passed (47-0)

4/2

Returned Passed

House Action

3/11

First Reading Economic Matters

3/17

Hearing 3/25 at 1:00 p.m.

4/2

Favorable Report by Economic Matters

3/28

Favorable Report Adopted

Second Reading Passed

3/29

Third Reading Passed (139-0)

Action after passage in Senate and House

4/13

Approved by the Governor

- Chapter 79

Bill indexed under the following Subjects:

Assessments and Taxation, Department of

Notices

Real Estate Investment Trusts

Records -see also- Land Records; Vital Records

Securities

Voting -see also- Ballots; Elections

Bill affects the following Statutes:

Corporations and Associations

( 8-101 , 8-203 , 8-203 , 8-501 , 8-503 )

Documents

Bill Text: First Reading, Third Reading, Enrolled, Chapter

Fiscal and Policy Note: Available

Amendments: None offered

Committee Votes :

Senate

Judicial Proceedings

House

Economic Matters

Roll Call Votes (Legislative dates are shown):

Senate

March 10, 2010: Third Reading Passed (47-0)

House

March 29, 2010: Third Reading Passed (139-0)