79-15-7 - What declaration shall contain.
§ 79-15-7. What declaration shall contain.
The declaration of trust of an investment trust shall contain:
(a) The name under which the trust shall conduct its business, which name shall include the words "investment trust" but shall not include the words "trust company."
(b) An express statement that the trust is formed pursuant to this chapter, as now or hereafter amended, and that all provisions of the declaration of trust are subject to and intended to be construed in conformity with the provisions of this chapter, as now or hereafter amended.
(c) The post-office address of the principal office and place of business of the trust.
(d) The full name and post-office address of the initial trustees of the trust.
(e) The aggregate number of shares of beneficial interest which the trust shall have authority to issue, the unit value in dollars to be received by the trust for the issuance of each of such shares, and a statement that each share shall be equal in all respects to every other share.
(f) The manner of calling and conducting meetings of the holders of certificates of beneficial interest, and the mode or voting by proxy, provided that a meeting of the holders of certificates of beneficial interest shall be held at least annually.
(g) A requirement that the trustees shall keep accurate and complete books of account and shall keep minutes of the proceedings of the trustees and shall keep a record of the holders of certificates of beneficial interest, giving the names and addresses of all such holders and the number of shares held by each, which books and records shall be available for inspection by any holders of a certificate of beneficial interest, at the principal place of business during normal business hours, upon reasonable notice. Provided, that nothing in this chapter shall impair the power of any court of competent jurisdiction upon a proper showing to compel the production, for examination of the books and the records of account, minutes, and record of holders of certificates of beneficial interest, by any person who for cause shown is entitled to conduct such examination.
(h) The declaration of trust may contain any other terms and provisions deemed necessary or desirable for the purposes of the investment trust and consistent with this chapter.
Sources: Codes, 1942, § 5570-04; Laws, 1962, ch. 238, § 4, eff immediately upon its passage and approval by the Governor (approved May 15, 1962).