Section 10A-16-1.02

Published: 2015

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Section 10A-16-1.02

Section 10A-16-1.02Establishment; lawful purposes.

A business trust may be established by a declaration of trust, duly executed by one or more trustees, for any lawful purpose including, but not limited to, acquiring, managing, improving, leasing, dealing in, selling, or otherwise alienating, mortgaging, or otherwise incumbering real and personal property of all kinds and descriptions, including dealing in, purchasing, holding, selling, and exchanging stocks, bonds, mortgages, deeds of trust, and other securities of all kinds and descriptions; receiving the income, dividends, rents, profits, and returns therefrom, and investing the same or distributing the same to the beneficial owners of the trust in accordance with the terms of the declaration of trust.

(Acts 1961, Ex. Sess., No. 251, p. 2263, §2; §19-3-61; amended and renumbered by Act 2009-513, p. 967, §318.)