47-14A-28. Action by beneficial owners–Notice and meeting not necessary if consent exists–Proxy. Unless otherwise provided in the governing instrument of a business trust, on any matter that is to be voted on by the beneficial owners: (1)The beneficial owners may take such action without a meeting, without a prior notice and without a vote if […]
47-14A-29. Action by trustees–Notice and meeting not necessary if consent exists–Proxy. Unless otherwise provided in the governing instrument of a business trust, on any matter that is to be voted on by the trustees: (1)The trustees may take such action without a meeting, without a prior notice and without a vote if a consent or […]
47-14A-3. Obligation of beneficial owner–Cash value of contribution as option in addition to other remedies. Except as provided in the governing instrument, a beneficial owner is obligated to the business trust to perform any promise to contribute cash, property, or to perform services, even if the beneficial owner is unable to perform because of death, […]
47-14A-30. One trustee required to have residence or principal place of business in state. Every business trust shall at all times have at least one trustee which, in the case of a natural person, shall be a person who is a resident of this state or which, in all other cases, has its principal place […]
47-14A-31. Exception to §47-14A-30 for registered investment companies. Notwithstanding the provisions of §47-14A-30, if a business trust is, becomes, or will become prior to or within one hundred eighty days following the first issuance of beneficial interests, a registered investment company under the Investment Company Act of 1940, as amended (15 U.S.C. §§80a-1 et seq.), […]
47-14A-32. Change of registered agent or location of office–Amendment to certificate of trust. Any business trust maintaining a registered office and registered agent in this state under §47-14A-30 may change the location of its registered office in this state to any other place in this state, or may change the registered agent to any other […]
47-14A-33. Service of process on registered agent valid. Service of process upon a registered agent maintained by a business trust pursuant to §47-14A-31 shall be as effective as if served upon one of the trustees of the business trust pursuant to this chapter. Source: SL 2001, ch 245, §33.
47-14A-34. Change of name or address of trustee or registered agent–Fee–Certificate. A trustee or registered agent of a business trust whose address, as set forth in a certificate of trust pursuant to §47-14A-43, has changed may change such address in the certificates of trust for all business trusts for which such trustee or registered agent […]
47-14A-35. Business trust to have perpetual existence–Termination determined by governing instrument. Except to the extent otherwise provided in the governing instrument of the business trust, a business trust shall have perpetual existence, and a business trust may not be terminated or revoked by a beneficial owner or other person except in accordance with the terms […]
47-14A-36. Death or incapacity of beneficial owner need not terminate business trust. Except to the extent otherwise provided in the governing instrument of a business trust, the death, incapacity, dissolution, termination, or bankruptcy of a beneficial owner may not result in the termination or dissolution of a business trust. Source: SL 2001, ch 245, §36.
47-14A-37. Dissolution of trust determined by governing instrument. In the event that a business trust does not have perpetual existence, a business trust is dissolved and its affairs shall be wound up at the time or upon the happening of events specified in the governing instrument. Source: SL 2001, ch 245, §37.
47-14A-38. Powers of trust managers upon dissolution of trust. Upon dissolution of a business trust and until the filing of a certificate of cancellation as provided in §47-14A-43, the persons who, under the governing instrument of the business trust, are responsible for winding up the business trust’s affairs may, in the name of and for […]
47-14A-39. Payment of claims and obligations of trust upon dissolution–Distribution of remaining assets–Liability of persons winding up business. A business trust which has dissolved shall pay or make reasonable provision to pay all claims and obligations, including all contingent, conditional, or unmatured claims and obligations, known to the business trust and all claims and obligations […]
47-14A-4. Penalties or consequences for failure to make contribution. A governing instrument may provide that the interest of any beneficial owner who fails to make any contribution that the beneficial owner is obligated to make shall be subject to specific penalties for, or specified consequences of, such failure. Such penalty or consequence may take the […]
47-14A-40. Dissolution of series need not cause dissolution of trust–Series dissolution determined by governing instrument–Death or incapacity of beneficial owner need not terminate series. Except to the extent otherwise provided in the governing instrument of the business trust, a series established in accordance with this chapter may be dissolved and its affairs wound up without […]
47-14A-41. Powers of trust series managers upon dissolution of series–Liability. Upon dissolution of a series of a business trust, the persons who under the governing instrument of the business trust are responsible for winding up such series affairs may, in the name of the business trust and for and on behalf of the business trust […]
47-14A-42. Laws applicable to business trusts. Except to the extent otherwise provided in the governing instrument of a business trust or in this section, the laws of this state pertaining to trusts are hereby made applicable to business trusts. However, for purposes of any tax imposed by this state or any instrumentality, agency or political […]
47-14A-43. Certificate of trust to be filed with secretary–Contents–Trust formed upon filing. Every business trust shall file a certificate of trust in the Office of the Secretary of State. The certificate of trust shall set forth: (1)The name of the business trust; (2)The name and the business address of at least one of the trustees […]
47-14A-44. Certificate of amendment–Contents–Certificate of trust may be freely amended. A certificate of trust may be amended by filing a certificate of amendment thereto in the Office of the Secretary of State. The certificate of amendment shall set forth: (1)The name of the business trust; (2)The amendment to the certificate; and (3)The future effective date […]
47-14A-45. Restated certificate of trust integrating all amendments–Contents. A certificate of trust may be restated by integrating into a single instrument all of the provisions of the certificate of trust which are then in effect and operative as a result of there having been theretofore filed one or more certificates of amendment pursuant to §47-14A-44, […]
