Section 12-405 – Investment Company
(a) This section applies to a statutory trust that is an investment company, as defined by the Investment Company Act of 1940. (b) A trustee of a statutory trust who with respect to the statutory trust is not an interested person, as defined by the Investment Company Act of 1940, shall be deemed to be independent and […]
Section 12-401 – Trustee Management; Limitation on Duties and Liabilities of Others
(a) Except as provided in its governing instrument, the business and affairs of a statutory trust shall be managed under the direction of its trustees. (b) Except as provided in the governing instrument of a statutory trust, neither the power to give direction to a trustee or other person nor the exercise by any person, including a […]
Section 12-402 – Trustee Liability; Restrictions on Liability Expansion or Limitations in Governing Instrument
(a) Subject to the provisions of subsections (d) and (e) of this section, and except as provided in the governing instrument of a statutory trust, a trustee, when acting in such capacity, is not personally liable to any person other than the statutory trust or a beneficial owner for any act, omission, or obligation of the […]
Section 12-403 – Indemnification
(a) Except as provided in its governing instrument, a statutory trust shall have the power to: (1) Indemnify and hold harmless, and to obligate itself to indemnify and hold harmless, any trustee, officer, employee, or agent from and against any and all claims and demands whatsoever; and (2) Pay or reimburse in advance of final disposition of a […]
Section 12-404 – Meetings; Actions; Consent; Affirmative Vote
(a) Except as provided in the governing instrument of a statutory trust: (1) Meetings of trustees may be held at any place or by conference telephone or in any other manner by which all persons participating in the meeting as trustees may hear each other; and (2) Participation in a meeting in accordance with item (1) of this […]