79-15-17 - Amendment of declaration of trust.
§ 79-15-17. Amendment of declaration of trust.
(1) The declaration of trust shall provide that it can be amended only by the affirmative vote of the holders of at least two thirds (2/3) of the amount of the then outstanding certificates of beneficial interest. If the declaration of trust shall provide that an amendment to the declaration of trust shall require an affirmative vote of holders of a greater percentage in the amount of then outstanding certificates of beneficial interest than provided by this section, then the declaration of trust shall control. The foregoing provisions shall not be applicable to an amendment made to a declaration of trust at any time prior to the issuance of certificates of beneficial interest; at any time prior to the issuance of certificates and beneficial interest, the declaration of trust may be amended by affirmative vote of a majority of the trustees.
(2) No amendment to the declaration of trust shall be effective to alter or expand the liability of the trustees or the liability of the holders of fully paid certificates of beneficial interest, contrary to the liability provided in this chapter.
Sources: Codes, 1942, § 5570-09; Laws, 1962, ch. 238, § 9, eff immediately upon its passage and approval by the Governor (approved May 15, 1962).