§ 10-34-07 — Powers

North Dakota § 10-34-07

• Jurisdiction: North Dakota
• Title 10: Corporations
• Ch. 10-34: Real Estate Investment Trusts

Text

A real estate investment trust has the power to:

1. Unless the declaration of trust provides otherwise, have perpetual existence
unaffected by any rule against perpetuities.
2. Sue, be sued, complain, and defend in all courts.
3. Transact its business, carry on its operations, and exercise the powers granted by this
title in any state, territory, district, or possession of the United States and in any foreign
country.
4. Make contracts, incur liabilities, and borrow money.
5. Sell, mortgage, lease, pledge, exchange, convey, transfer, and otherwise dispose of all
or any part of its assets.
6. Issue bonds, notes, and other obligations and secure them by mortgage or deed of
trust of all or any part of its assets.
7. Acquire by purchase or in any other manner and take, receive, own, hold title in the
name of the trust, use, employ, improve, encumber, and otherwise deal with any
interest in real and personal property, wherever located.
8. Purchase, take, receive, subscribe for, or otherwise acquire, own, hold, vote, use,
employ, sell, mortgage, loan, pledge, or otherwise dispose of and deal in and with:
a. Securities, shares, and other interests in any obligations of domestic and foreign
corporations, other real estate investment trusts, associations, partnerships, and
individuals; and
b. Direct and indirect obligations of the United States, any other government, state,
territory, government district, and municipality, and any instrumentality of them.
9. Elect or appoint trustees, officers, and agents of the trust for the period of time the
declaration of trust or bylaws provide, define their duties, and determine their
compensation.
10. Adopt and implement employee and officer benefit plans.
11. Make and alter bylaws not inconsistent with law or with its declaration of trust to
regulate the government of the real estate investment trust and the administration of
its affairs.
12. Exercise these powers, including the power to take, hold, and dispose of the title to
property in the name of the trust or in the name of its trustees, without the filing of any
bond.
13. Generally exercise the powers set forth in its declaration of trust which are not
inconsistent with law and are appropriate to promote and attain the purposes set forth
in its declaration of trust.