Section 10-13-10 Restrictions on investments and use. - Alabama Statutes

Section 10-13-10

Restrictions on investments and use.

(a) A real estate investment trust shall hold, either directly or through other entities, at least 75 percent of the value of its assets in real estate assets, mortgages or mortgage related securities, government securities, cash and cash equivalent items, including high-grade short-term securities and receivables.

(b) A real estate investment trust may not use or apply land for farming, agriculture, horticulture, or similar purposes.

(c) Except as provided in subsections (a) and (b) above, the trustees shall have the powers as to the investment of the trust estate as may be set out in the declaration of trust without regard to the type of investments to which trustees generally are restricted by the provisions of Article 6, Chapter 3 of this title.

(Acts 1995, No. 95-628, p. 1317, §10.)