Section 10-13-16 Termination of existence. - Alabama Statutes

Section 10-13-16

Termination of existence.

(a) A real estate investment trust may terminate its existence by voluntary dissolution in the manner and on the grounds provided in Article 14 of Chapter 2B of this title.

(b) A real estate investment trust may curtail or cease its trust activities by partially or completely distributing its assets.

(c)(1) The Attorney General may institute proceedings to dissolve a real estate investment trust which has abused, misused, or failed to use its powers. The proceedings shall be brought in the manner and on the grounds provided in Article 14 of Chapter 2B of this title, with respect to judicial dissolution of a corporation.

(2) The venue of an action under this subsection is in a county where an officer or resident agent of the real estate investment trust is located.

(Acts 1995, No. 95-628, p. 1317, §16.)