Kentucky Statutes 386.420 – Contents and recordation of declaration of trust
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(1) The written declaration of trust may provide for the election of successor trustees in the event of the death, resignation and removal of a trustee and may provide for the amendment of the declaration of trust. The declaration of trust may also contain such other provisions regarding the operating and administration of the business trust as may be necessary or desirable. A declaration of trust and any amendments thereto is effective as provided in KRS § 14A.2-070.
(2) A declaration of trust filed on or after June 26, 2007, shall name or shall be accompanied by a document naming the initial registered agent and registered office satisfying the requirements of KRS § 14A.4-010.
(3) Each document delivered to the Secretary of State for filing by a business trust or a foreign business trust shall satisfy the requirements of KRS § 14A.2-010 to KRS § 14A.2-
150.
Effective: January 1, 2011
History: Repealed and reenacted 2010 Ky. Acts ch. 51, sec. 166, effective July 15,
2010; and amended ch. 151, sec. 117, effective January 1, 2011. — Amended 2007
Ky. Acts ch. 137, sec. 166, effective June 26, 2007. — Amended 1978 Ky. Acts ch.
384, sec. 511, effective June 17, 1978. — Amended 1968 Ky. Acts ch. 152, sec. 161.
— Created 1966 Ky. Acts ch. 19, sec. 6.
Legislative Research Commission Note (1/1/2011). This section was amended by 2010
Ky. Acts ch. 151, and repealed and reenacted by 2010 Ky. Acts ch. 51. Pursuant to Section 184 of Acts ch. 51, it was the intent of the General Assembly that the repeal and reenactment not serve to void the amendment, and these Acts do not appear to be in conflict, therefore, they have been codified together.
Legislative Research Commission Note (7/15/2010). 2010 Ky. Acts ch. 51, sec. 183, provides, “The specific textual provisions of Sections 1 to 178 of this Act which reflect amendments made to those sections by 2007 Ky. Acts ch. 137 shall be deemed effective as of June 26, 2007, and those provisions are hereby made expressly retroactive to that date, with the remainder of the text of those sections being unaffected by the provisions of this section.”
(2) A declaration of trust filed on or after June 26, 2007, shall name or shall be accompanied by a document naming the initial registered agent and registered office satisfying the requirements of KRS § 14A.4-010.
Terms Used In Kentucky Statutes 386.420
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Business trust: includes , except when utilized in KRS Chapter 386, a "statutory trust" as organized under KRS Chapter 386A. See Kentucky Statutes 446.010
- Foreign: when applied to a corporation, partnership, limited partnership, business trust, statutory trust, or limited liability company, includes all those incorporated or formed by authority of any other state. See Kentucky Statutes 446.010
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
- State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010
- Trustee: A person or institution holding and administering property in trust.
(3) Each document delivered to the Secretary of State for filing by a business trust or a foreign business trust shall satisfy the requirements of KRS § 14A.2-010 to KRS § 14A.2-
150.
Effective: January 1, 2011
History: Repealed and reenacted 2010 Ky. Acts ch. 51, sec. 166, effective July 15,
2010; and amended ch. 151, sec. 117, effective January 1, 2011. — Amended 2007
Ky. Acts ch. 137, sec. 166, effective June 26, 2007. — Amended 1978 Ky. Acts ch.
384, sec. 511, effective June 17, 1978. — Amended 1968 Ky. Acts ch. 152, sec. 161.
— Created 1966 Ky. Acts ch. 19, sec. 6.
Legislative Research Commission Note (1/1/2011). This section was amended by 2010
Ky. Acts ch. 151, and repealed and reenacted by 2010 Ky. Acts ch. 51. Pursuant to Section 184 of Acts ch. 51, it was the intent of the General Assembly that the repeal and reenactment not serve to void the amendment, and these Acts do not appear to be in conflict, therefore, they have been codified together.
Legislative Research Commission Note (7/15/2010). 2010 Ky. Acts ch. 51, sec. 183, provides, “The specific textual provisions of Sections 1 to 178 of this Act which reflect amendments made to those sections by 2007 Ky. Acts ch. 137 shall be deemed effective as of June 26, 2007, and those provisions are hereby made expressly retroactive to that date, with the remainder of the text of those sections being unaffected by the provisions of this section.”