Business Organizations Code revisor's report, part 4

200.261. (New.)
Revisor's Note
See the revisor's note to Section
200.451.
Revised Law
Sec. 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. (TREITA 19.10
(part).)
Source Law
19.10. . . . Upon receiving such vote,
the trust manager(s) shall liquidate the real
estate investment trust and distribute the
remaining property and assets of the real
estate investment trust among its
shareholders in accordance with their
respective rights and interests after
applying such property as far as it will go
to the just and equitable payment of the
liabilities and obligations of the real
estate investment trust. . . .
Revisor's Note
See the revisor's note to Section
200.451.
[Sections 200.454-200.500 reserved for expansion]
SUBCHAPTER K. MISCELLANEOUS PROVISIONS
Revised Law
Sec. 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 section 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. (TREITA 18.10(B),
(C).)