745 ILCS 60/ Real Estate Investment Trust Act.

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745 ILCS 60/0.01

(745 ILCS 60/0.01) (from Ch. 30, par. 250)

Sec. 0.01.

Short title.

This Act may be cited as the

Real Estate Investment Trust Act.

(Source: P.A. 86-1324.)

745 ILCS 60/1

(745 ILCS 60/1) (from Ch. 30, par. 251)

Sec. 1.

For the purposes of this Act "real estate investment trust" means
an unincorporated trust or association which complies or intends to comply
with Sections 856, 857 and 858 of the Federal Internal Revenue Code of
1954, as amended, or such section or sections of any subsequent Internal
Revenue Code as may be applicable to organizations described in Public Law
86-779, enacted by the Congress of the United States.

(Source: Laws 1963, p. 994.)

745 ILCS 60/2

(745 ILCS 60/2) (from Ch. 30, par. 252)

Sec. 2.

The shareholders or beneficiaries of a real estate investment trust
shall not, as such, be personally liable for any of its obligations arising
after the effective date of this Act, nor shall persons who become
shareholders or beneficiaries after the effective date of this Act be
personally liable, as such, for obligations of the real estate trust. If an
application for registration of the securities issued or issuable by such
unincorporated trust or association has been registered by the Secretary of
State pursuant to Section 5 of the Illinois Securities Law of 1953, such registration shall be conclusive
evidence that an unincorporated trust or association is a real estate
investment trust as to all persons who become shareholders or beneficiaries
after the registration date and prior to its suspension or revocation, if
any, and as to all obligations of the unincorporated trust or association
arising after the effective date of this Act whether they arose before or
after the effective date of registration under Section 5 of the Illinois
Securities Law of 1953, and prior to suspension or revocation of the
registration.

(Source: P.A. 100-201, eff. 8-18-17.)