New Hampshire Revised Statutes 293-B:7 – Rights of Beneficial Owners in Trust Property
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I. Except to the extent otherwise provided in the governing instrument of the New Hampshire investment trust, a beneficial owner shall have an undivided beneficial interest in the property of the New Hampshire investment trust or, if applicable, in accordance with the provisions of N.H. Rev. Stat. § 293-B:8, specified property of the New Hampshire investment trust, and shall share in the profits and losses of the New Hampshire investment trust in the proportion, expressed as a percentage, of the entire undivided beneficial interest in the New Hampshire investment trust owned by such beneficial owner or, if applicable, in accordance with the provisions of N.H. Rev. Stat. § 293-B:8, in the proportion, expressed as a percentage, of the entire undivided beneficial interest in the series or class of beneficial interests in the New Hampshire investment trust owned by such beneficial owner. The governing instrument of a New Hampshire investment trust may provide that the New Hampshire investment trust or the trustees, acting for and on behalf of the New Hampshire investment trust, shall be deemed to hold beneficial ownership of any income earned on securities of the New Hampshire investment trust issued by any business entities formed, organized, or existing under the laws of any jurisdiction, including the laws of any foreign country.
II. No creditor of the beneficial owner shall have any right to obtain possession of, or otherwise exercise legal or equitable remedies with respect to, the property of the New Hampshire investment trust.
III. A beneficial owner’s beneficial interest in the New Hampshire investment trust is personal property notwithstanding the nature of the property of the New Hampshire investment trust. Except to the extent otherwise provided in the governing instrument of a New Hampshire investment trust, a beneficial owner has no interest in specific New Hampshire investment trust property.
IV. A beneficial owner’s beneficial interest in the New Hampshire investment trust is freely transferable except to the extent otherwise provided in the governing instrument of the New Hampshire investment trust.
V. Except to the extent otherwise provided in the governing instrument of a New Hampshire investment trust, at the time a beneficial owner becomes entitled to receive a distribution, the beneficial owner has the status of, and is entitled to all remedies available to, a creditor of the New Hampshire investment trust with respect to the distribution. A governing instrument may provide for the establishment of record dates with respect to allocations and distributions by a New Hampshire investment trust.
VI. Except to the extent otherwise provided in the governing instrument of the New Hampshire investment trust, legal title to the property of the New Hampshire investment trust or any part thereof may be held in the name of any trustee of the New Hampshire investment trust, in its capacity as such, with the same effect as if such property were held in the name of the New Hampshire investment trust.
VII. No creditor of the trustee shall have any right to obtain possession of, or otherwise exercise legal or equitable remedies with respect to, the property of the New Hampshire investment trust with respect to any claim against, or obligation of, such trustee in its individual capacity and not related to the New Hampshire investment trust.
VIII. Except to the extent otherwise provided in the governing instrument of the New Hampshire investment trust, where the New Hampshire investment trust is a registered investment company under the Investment Company Act of 1940, as amended (15 U.S.C. § 80a-1 et seq.), any class, group or series of beneficial interests established by the governing instrument with respect to such New Hampshire investment trust shall be a class, group, or series preferred as to distribution of assets or payment of dividends over all other classes, groups, or series in respect to assets specifically allocated to the class, group or series as contemplated by section 18 (or any amendment or successor provision) of the Investment Company Act of 1940 (15 U.S.C. § 80a-18), as amended, and any regulations issued thereunder, provided that this section is not intended to affect in any respect the provisions of N.H. Rev. Stat. § 293-B:6, II.
IX. Unless otherwise provided in the governing instrument of a New Hampshire investment trust or another agreement, a beneficial owner shall have no preemptive right to subscribe to any additional issue of beneficial interests or another interest in a New Hampshire investment trust.
II. No creditor of the beneficial owner shall have any right to obtain possession of, or otherwise exercise legal or equitable remedies with respect to, the property of the New Hampshire investment trust.
Terms Used In New Hampshire Revised Statutes 293-B:7
- 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.
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- 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
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- 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.
- Personal property: All property that is not real property.
- 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. A beneficial owner’s beneficial interest in the New Hampshire investment trust is personal property notwithstanding the nature of the property of the New Hampshire investment trust. Except to the extent otherwise provided in the governing instrument of a New Hampshire investment trust, a beneficial owner has no interest in specific New Hampshire investment trust property.
IV. A beneficial owner’s beneficial interest in the New Hampshire investment trust is freely transferable except to the extent otherwise provided in the governing instrument of the New Hampshire investment trust.
V. Except to the extent otherwise provided in the governing instrument of a New Hampshire investment trust, at the time a beneficial owner becomes entitled to receive a distribution, the beneficial owner has the status of, and is entitled to all remedies available to, a creditor of the New Hampshire investment trust with respect to the distribution. A governing instrument may provide for the establishment of record dates with respect to allocations and distributions by a New Hampshire investment trust.
VI. Except to the extent otherwise provided in the governing instrument of the New Hampshire investment trust, legal title to the property of the New Hampshire investment trust or any part thereof may be held in the name of any trustee of the New Hampshire investment trust, in its capacity as such, with the same effect as if such property were held in the name of the New Hampshire investment trust.
VII. No creditor of the trustee shall have any right to obtain possession of, or otherwise exercise legal or equitable remedies with respect to, the property of the New Hampshire investment trust with respect to any claim against, or obligation of, such trustee in its individual capacity and not related to the New Hampshire investment trust.
VIII. Except to the extent otherwise provided in the governing instrument of the New Hampshire investment trust, where the New Hampshire investment trust is a registered investment company under the Investment Company Act of 1940, as amended (15 U.S.C. § 80a-1 et seq.), any class, group or series of beneficial interests established by the governing instrument with respect to such New Hampshire investment trust shall be a class, group, or series preferred as to distribution of assets or payment of dividends over all other classes, groups, or series in respect to assets specifically allocated to the class, group or series as contemplated by section 18 (or any amendment or successor provision) of the Investment Company Act of 1940 (15 U.S.C. § 80a-18), as amended, and any regulations issued thereunder, provided that this section is not intended to affect in any respect the provisions of N.H. Rev. Stat. § 293-B:6, II.
IX. Unless otherwise provided in the governing instrument of a New Hampshire investment trust or another agreement, a beneficial owner shall have no preemptive right to subscribe to any additional issue of beneficial interests or another interest in a New Hampshire investment trust.