Beneficial ownership.

(2) Beneficial ownership. Beneficial ownership shall be evidenced by transferable shares, or by transferable certificates of beneficial interest, and (subject to the provisions of paragraph (c) of this section) must be held by 100 or more persons, determined without reference to any rules of attribution. Provisions in the trust instrument or corporate charter or bylaws which permit the trustee or directors to redeem shares or to refuse to transfer shares in any case where the trustee or directors, in good faith, believe that a failure to redeem shares or that a transfer of shares would result in the loss of status as a real estate investment trust will not render the shares nontransferable. For purposes of the regulations under part II of subchapter M, the terms stockholder, stockholders, shareholder, and shareholders include holders of beneficial interest in a real estate investment trust, the terms stock, shares, and shares of stock include certificates of beneficial interest, and the term shares includes shares of stock.


26 CFR § 1.856-1

Scoping language

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