A real estate investment trust shall not issue any security redeemable at the option of the holder of the security.

(Repealed and added by Stats. 1976, Ch. 650.)

Terms Used In California Corporations Code 23003

  • Real estate investment trust: as used in this part means any unincorporated association or trust formed to engage in business and managed by, or under the direction of, one or more trustees for the benefit of the holders or owners (hereinafter in this part "shareowners") of transferable shares of beneficial interest in the trust estate (hereinafter in this part "shares") and that meets one of the following two tests:

    California Corporations Code 23000

  Previous section
Next section  
 Part 4 Contents