Business Organizations Code revisor's report, part 4

evised law as redundant with "investment."
Revised Law
Sec. 200.302. DESIGNATION OF TRUST MANAGERS. (a) The
certificate of formation of a real estate investment trust must
contain the name of each trust manager.
(b) A successor trust manager must be selected in
accordance with the certificate of formation. The selection of a
successor trust manager is considered an amendment to the
certificate of formation of a real estate investment trust.
(TREITA 4.10(A) (part).)
Source Law
(A) The control, operation,
disposition, investment, reinvestment and
management of the trust estate and, whether
included in the foregoing or not, all powers
necessary or appropriate to effect any or all
of the purposes for which the real estate
investment trust is organized shall be vested
in one or more trust manager(s) named in the
declaration of trust or successor(s) selected
in accordance therewith; provided that naming
successor trust manager(s) shall be
considered an amendment to the declaration of
trust. . . .
Revisor's Note
No substantive change is intended.
Revised Law
Sec. 200.303. TRUST MANAGER ELIGIBILITY REQUIREMENTS. A
trust manager of a real estate investment trust must be an
individual. Unless the certificate of formation or bylaws of a
real estate investment trust provide otherwise, a person is not
required to be a resident of this state or a shareholder of the
real estate investment trust to serve as a trust manager. The
certificate of formation or bylaws may prescribe other
qualifications for trust managers. (TREITA 4.10(A) (part).)
Source Law
(A) . . . Trust managers must be
natural persons but do not need to be
residents of this state or shareholders of
the real estate investment trust unless the
declaration of trust or bylaws so require.
The declaration of trust or bylaws may
prescribe other qualifications for the trust
manager(s).