(a) A real estate investment trust may terminate its existence by voluntary dissolution and wind up its business and affairs in the manner and on the grounds provided in the Alabama Business Corporation Law.
Terms Used In Alabama Code 10A-10-1.16
Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
Venue: The geographical location in which a case is tried.
(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 the Alabama Business Corporation Law, 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.
