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Section 10A-16-1.01 – Definition of “Business trust.”

Section 10A-16-1.01 Definition of “business trust.” A business trust is an express trust created by a written declaration of trust whereby property is conveyed to one or more trustees, who hold and manage the same for the benefit and profit of such persons as may be or become the holders of transferable certificates evidencing the […]

Section 10A-16-1.02 – Establishment; Lawful Purposes.

Section 10A-16-1.02 Establishment; lawful purposes. A business trust may be established by a declaration of trust, duly executed by one or more trustees, for any lawful purpose including, but not limited to, acquiring, managing, improving, leasing, dealing in, selling, or otherwise alienating, mortgaging, or otherwise incumbering real and personal property of all kinds and descriptions, […]

Section 10A-16-1.04 – Certificate of Ownership; Liability of Beneficial Owners.

Section 10A-16-1.04 Certificate of ownership; liability of beneficial owners. The beneficial ownership in a business trust may be evidenced by certificates issued by the trustees. These beneficial interests, whether certificated or uncertificated, shall be transferable in the same manner as stock of a corporation is transferable. No assessment shall be made against the interest of […]

Section 10A-16-1.05 – Contents and Recordation of Declaration of Trust.

Section 10A-16-1.05 Contents and recordation of declaration of trust. (a) The written declaration of trust may provide for the election of successor trustees in the event of the death, resignation, and removal of a trustee and may provide for the amendment of the declaration of trust. The declaration of trust may also contain other provisions […]