47-14A-17. Beneficial owner to have undivided interest in trust property--Proportionate share in profits and losses.
128 words·~1 min read·
/sd/title-47/chapter-47-14/47-14a-17A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Except to the extent otherwise provided in the governing instrument of the business trust, a beneficial owner shall have an undivided beneficial interest in the property of the business trust and shall share in the profits and losses of the business trust in the proportion (expressed as a percentage) of the entire undivided beneficial interest in the business trust owned by such beneficial owner. The governing instrument of a business trust may provide that the business trust or the trustees, acting for and on behalf of the business trust, shall be deemed to hold beneficial ownership of any income earned on securities of the business trust issued by any business entities formed, organized, or existing under the laws of any jurisdiction, including the laws of any foreign country.