79-15-13 - Liability of holders of certificates of beneficial interest.
§ 79-15-13. Liability of holders of certificates of beneficial interest.
No holder of a fully paid certificate of beneficial interest in an investment trust shall be personally or individually liable in any manner whatever for any debts, acts, omissions, or obligations incurred by the trustees or by the investment trust. It is expressly declared to be the intention of this chapter that the holders of fully paid certificates of beneficial interest issued by an investment trust organized pursuant to this chapter shall not be considered to be partners, either general or limited, in the business of the trust, and the limited liability provided by this section shall not be altered by reason of the fact that the declaration of trust may contain a provision for the election of successor trustees by the holders of certificates of beneficial interest.
Sources: Codes, 1942, § 5570-07; Laws, 1962, ch. 238, § 7, eff immediately upon its passage and approval by the Governor (approved May 15, 1962).