(a) A beneficial interest in a statutory trust shall be freely transferable.
(b) A beneficial interest in a statutory trust shall be personal property regardless of the nature of the property of the trust.
(c) A beneficial interest in a statutory trust shall not be an interest in specific property of the statutory trust.
(d) A beneficial owner shall not have a preemptive right to subscribe to any additional issue of beneficial interests or any other interest of a statutory trust.
CREDIT(S)
(July 2, 2011, D.C. Law 18-378, § 2, 58 DCR 1720.)
HISTORICAL AND STATUTORY NOTES
Legislative History of Laws
For history of Law 18-378, see notes under § 29-101.01.
Uniform Law:
This section is based on § 601 of the Uniform Statutory Trust Entity Act . See Vol. 6B , Uniform Laws Annotated, Master Edition or ULA Database on Westlaw.