79-15-3 - Definitions.
§ 79-15-3. Definitions.
(1) An "investment trust" is an express trust created by a written declaration of trust whereby three (3) or more trustees agree to hold and manage in trust property conveyed or to be conveyed to them as trustees for the benefit of such persons as may be or become holders of transferable certificates evidencing the beneficial interest in the trust estate. An investment trust organized in conformity with and by specific reference to this chapter is declared to be neither a general nor a limited partnership, even though the declaration of trust may contain provisions not expressly or by implication contained in this chapter, and even though one (1) or more of the trustees may be or become the holder of a certificate of beneficial interest in the investment trust of which he is trustee.
(2) A "foreign investment trust" is an investment trust for profit organized under laws other than the laws of this state for a purpose or purposes for which an investment trust may be organized under this chapter.
Sources: Codes, 1942, § 5570-02; Laws, 1962, ch. 238, § 2; Laws, 1978, ch. 463, § 1, eff from and after July 1, 1978.