Section 19-3-60 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 19-3-61 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 19-3-62 Powers and liabilities of trustees; liability of trust for acts of trustees. The trustees shall hold the legal title to all property at any time belonging to the business trust. They shall have control over such property as well as the control and management of the business and affairs of the business trust. […]
Section 19-3-63 Certificates of ownership; liability of beneficial owners. The beneficial ownership in a business trust shall be evidenced by certificates issued by the trustees. These certificates shall be transferable in the same manner as stock certificates of a corporation are transferable. No assessment shall be made against the interest of any beneficial owner, and […]
Section 19-3-64 Contents and recordation of declaration of trust. 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 said declaration of trust. The declaration of trust may also contain such other provisions […]
Section 19-3-65 Duration of business trust; rules against perpetuities and restraint of alienation not violated. A business trust shall not be deemed invalid as violating the rule against perpetuities or the law against suspension of the powers of alienation. Such trust may continue for such time as may be necessary to accomplish the purposes for […]
Section 19-3-66 Suits against trust; property subject to attachment and execution. A business trust may be sued for debts and other obligations incurred by the trustees in the performance of their duties under the declaration of trust and for any damages resulting from the negligence of such trustees, and its property shall be subject to […]
Section 19-3-67 Taxation. Repealed by Act 2006-114, p. 173, §5, effective for tax years beginning on or after January 1, 2005. (Acts 1961, Ex. Sess., No. 251, p. 2263, §8.)
