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ARC New York City REIT to align charter with Maryland General Corporation Law

American Realty Capital New York City REIT Inc. is proposing to amend its charter to eliminate provisions that comply with the guidelines devised by the North American Securities Administrators Association, or NASAA, and align it instead with the Maryland General Corporation Law.

According to the company, conforming its charter to the NASAA guidelines no longer applies, as it does not intend to raise additional capital publicly as a non-listed company after its primary offering in May 2015.

The charter will also be amended to remove provisions governing company duration that may limit the trust's flexibility in carrying out a liquidity event and to modify certain ownership and transfer restrictions to allow it to maintain its qualification as a real estate investment trust.

The company said its board is recommending that stockholders approve the proposals at the May 31 annual shareholder meeting.