New Hampshire Revised Statutes 293-B:5 – Liability of Beneficial Owners and Trustees
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I. Except to the extent otherwise provided in the governing instrument of the New Hampshire investment trust, the beneficial owners shall be entitled to the same limitation of personal liability extended to stockholders of business corporations.
II. Except to the extent otherwise provided in the governing instrument of a New Hampshire investment trust, a trustee, when acting in such capacity, shall not be personally liable to any person for any act, omission, or obligation of the New Hampshire investment trust or any trustee thereof, other than any liabilities to the New Hampshire investment trust or a beneficial owner which arise under the terms of the governing instrument of the New Hampshire investment trust.
III. Except to the extent otherwise provided in the governing instrument of a New Hampshire investment trust, an officer, employee, manager, or other person acting pursuant to N.H. Rev. Stat. § 293-B:8, II(i), when acting in such capacity, shall not be personally liable to any person other than the New Hampshire investment trust or a beneficial owner for any act, omission, or obligation of the New Hampshire investment trust or any trustee thereof.
II. Except to the extent otherwise provided in the governing instrument of a New Hampshire investment trust, a trustee, when acting in such capacity, shall not be personally liable to any person for any act, omission, or obligation of the New Hampshire investment trust or any trustee thereof, other than any liabilities to the New Hampshire investment trust or a beneficial owner which arise under the terms of the governing instrument of the New Hampshire investment trust.
Terms Used In New Hampshire Revised Statutes 293-B:5
- Beneficial owner: means any owner of a beneficial interest in a New Hampshire investment trust, the fact of ownership to be determined and evidenced (whether by means of registration, the issuance of certificates, or otherwise) in conformity to the applicable provisions of the governing instrument of the New Hampshire investment trust. See New Hampshire Revised Statutes 293-B:2
- Governing instrument: means any instrument (whether referred to as a trust agreement, declaration of trust, or otherwise) which creates a New Hampshire investment trust or provides for the governance of the affairs of the New Hampshire investment trust and the conduct of its investment activities. See New Hampshire Revised Statutes 293-B:2
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- New Hampshire investment trust: means a "qualified investment company" as defined in N. See New Hampshire Revised Statutes 293-B:2
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Person: means a natural person, partnership, limited partnership, limited liability company, trust, statutory trust, estate, association, corporation, government (including a country, state, county or any other governmental subdivision, agency or instrumentality), custodian, nominee or any other individual or entity (or series thereof) in its own or any representative capacity, in each case, whether domestic or foreign. See New Hampshire Revised Statutes 293-B:2
- Trustee: means the person or persons appointed as a trustee in accordance with the governing instrument of a New Hampshire investment trust to manage the business, investment activity, and affairs of such New Hampshire investment trust, and may include the beneficial owners or any of them. See New Hampshire Revised Statutes 293-B:2
- Trustee: A person or institution holding and administering property in trust.
III. Except to the extent otherwise provided in the governing instrument of a New Hampshire investment trust, an officer, employee, manager, or other person acting pursuant to N.H. Rev. Stat. § 293-B:8, II(i), when acting in such capacity, shall not be personally liable to any person other than the New Hampshire investment trust or a beneficial owner for any act, omission, or obligation of the New Hampshire investment trust or any trustee thereof.