IRVING, Texas, January 19, 2024 (GLOBE NEWSWIRE) — On January 15, 2024, the Board of Trustees (the “Board”) of United Development Funding IV (the “Trust”) approved the Fourth Amended and Restated Bylaws of the Trust (the “Fourth Amended and Restated Bylaws”). The following summary of the Fourth Amended and Restated Bylaws is subject to and qualified in its entirety by reference to the text of the Fourth Amended and Restated Bylaws, which is available on the UDF website at https://udfonline.com/investors/.
The Fourth Amended and Restated Bylaws were revised to:
- Remove the requirement that Trust shareholders may only propose Independent Trustee nominees if the shareholder is a “Qualified Shareholder.”
- Revise the definition of “Independent Trustee” to read as follows: an “Independent Trustee” (i) is not an employee of UMTH General Services, L.P., (ii) is not involved in the Trust’s day to day activities and (iii) meets the qualifications of an independent Trustee (not including the specific independence requirements applicable only to members of the Audit Committee of the Board of Trustees) under the applicable rules of the Nasdaq Stock Market, LLC, regardless of whether any securities of the Trust are listed on the Nasdaq Stock Market, LLC, as well as the applicable rules of each national securities exchange on which any securities of the Trust are then listed or over-the-counter market on which any securities of the Trust are then traded, in each case, as such rules may be amended from time to time.
About United Development Funding IV
United Development Funding IV is a Maryland real estate investment trust. UDF IV was formed primarily to generate current interest income by investing in secured loans and producing profits from investments in residential real estate. Additional information about UDF IV can be found on its website at www.udfiv.com. UDF IV may disseminate important information regarding its operations, including financial information, through social media platforms such as Twitter, Facebook and LinkedIn.