JBG SMITH Properties is seeking shareholder approval for a proposed amendment to the company's declaration of trust to opt out of Section 3-804(c) of the Maryland General Corporation Law.
The diversified real estate investment trust's declaration of trust provides that the company has elected to be governed by Section 3-804(c) of the law, which addresses the procedure by which a board vacancy may be filled. As a result, an amendment to the declaration of trust is required for JBG to completely opt out of the Maryland Unsolicited Takeovers Act.
If the amendment is approved, the filling of vacancies will be governed by the company's bylaws and not its declaration of trust, the company said.
The matter, along with other proposals, will be put to a shareholder vote at the company's 2018 annual meeting, scheduled for May 3.
