30-3213. Real estate investment trust, defined.

For the purpose of this section and section 30-3214 real estate investment trust shall mean an unincorporated trust or an unincorporated association:

(1) Which is managed by one or more trustees;

(2) The beneficial ownership of which is evidenced by the transferable shares, or by transferable certificates of beneficial interest;

(3) Which does not hold any property primarily for sale to customers in the ordinary course of its trade or business; and

(4) The beneficial ownership of which is held by one hundred or more persons.

Source:Laws 1961, c. 108, § 1, p. 345; R.S.1943, (1985), § 24-632.