1. (a) Subject to Section 2.113(a) and in addition to the powers specified in Section 2.101, a real estate investment trust may engage in activities mandated or authorized by:

   1. (1) provisions of the Internal Revenue Code that are related to or govern real estate investment trusts; and
   2. (2) regulations adopted under the Internal Revenue Code.

2. (b) This section does not authorize a real estate investment trust or an officer or trust manager of a real estate investment trust to exercise a power in a manner inconsistent with a limitation on the purposes or powers of the real estate investment trust contained in:

   1. (1) the trust's certificate of formation;
   2. (2) this code; or
   3. (3) another law of this state.

Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.