A real estate investment trust should have a minimum of three trustees, all of whom are elected annually by the security holders of the trust. A trustee may be removed from office without cause by the vote or written consent of the holders of a majority of the outstanding securities of the trust.

Note: Authority cited: Section 25610, Corporations Code. Reference: Section 25140, Corporations Code.

History

1. Amendment of subsection (e) filed 5-14-69; effective thirtieth day thereafter (Register 69, No. 20).

2. Renumbering and amendment of Section 260.140.95 to Section 260.140.93, and renumbering and amendment of former Section 260.140.97 to Section 260.140.95 filed 1-28-82; effective thirtieth day thereafter (Register 82, No. 5).