TITLE XXVII CORPORATIONS, ASSOCIATIONS, AND PROPRIETORS OF COMMON LANDS
CHAPTER 293-B TREATMENT OF NEW HAMPSHIRE INVESTMENT TRUSTS
Section 293-B:10
293-B:10 Existence of New Hampshire Investment Trust. –
I. A New Hampshire investment trust shall exist as a separate legal entity.
II. Except to the extent otherwise provided in the governing instrument of the New Hampshire investment trust, the New Hampshire investment trust shall have perpetual existence, and a New Hampshire investment trust may not be terminated or revoked by a beneficial owner or other person except in accordance with the terms of its governing instrument.
III. Except to the extent otherwise provided in the governing instrument of a New Hampshire investment trust, the death, incapacity, dissolution, termination, or bankruptcy of a beneficial owner shall not result in the termination or dissolution of a New Hampshire investment trust.
IV. In the event that a New Hampshire investment trust does not have perpetual existence, a New Hampshire investment trust is dissolved and its affairs shall be wound up at the time or upon the happening of events specified in the governing instrument. Notwithstanding the happening of events specified in the governing instrument, the New Hampshire investment trust shall not be dissolved and its affairs shall not be wound up if, prior to the filing of a certificate of cancellation as provided in RSA 293-B:12, the New Hampshire investment trust is continued, effective as of the happening of such event, pursuant to the affirmative vote or written consent of all remaining beneficial owners of the New Hampshire investment trust and any other person whose approval is required under the governing instrument to revoke a dissolution pursuant to this section, provided, however, if the dissolution was caused by a vote or written consent, the dissolution shall not be revoked unless each beneficial owner and other person or his or her respective personal representatives who voted in favor of, or consented to, the dissolution has voted or consented in writing to continue the New Hampshire investment trust.
V. Upon dissolution of a New Hampshire investment trust and until the filing of a certificate of cancellation as provided in RSA 293-B:12, the persons who, under the governing instrument of the New Hampshire investment trust, are responsible for winding up the New Hampshire investment trust's affairs may, in the name of and for and on behalf of the New Hampshire investment trust, prosecute and defend suits, whether civil, criminal, or administrative, gradually settle and close the New Hampshire investment trust business, dispose of and convey the New Hampshire investment trust property, discharge or make reasonable provision for the New Hampshire investment trust liabilities, and distribute to the beneficial owners any remaining assets of the New Hampshire investment trust.
VI. A New Hampshire investment trust which has dissolved shall pay or make reasonable provision to pay all claims and obligations, including all contingent, conditional, or unmatured claims and obligations, known to the New Hampshire investment trust and all claims and obligations which are known to the New Hampshire investment trust but for which the identity of the claimant is unknown and claims and obligations that have not been made known to the New Hampshire investment trust or that have not arisen but that, based on the facts known to the New Hampshire investment trust, are likely to arise or to become known to the New Hampshire investment trust within 10 years after the date of dissolution. If there are sufficient assets, such claims and obligations shall be paid in full and any such provision for payment shall be made in full. If there are insufficient assets, such claims and obligations shall be paid or provided for according to their priority and, among claims and obligations of equal priority, ratably to the extent of assets available therefor. Unless otherwise provided in the governing instrument of a New Hampshire investment trust, any remaining assets shall be distributed to the beneficial owners. Any person, including any trustee, who under the governing instrument of the New Hampshire investment trust is responsible for winding up a New Hampshire investment trust's affairs who has complied with this section shall not be personally liable to the claimants of the dissolved New Hampshire investment trust by reason of such person's actions in winding up the New Hampshire investment trust.
VII. Except to the extent otherwise provided in the governing instrument of the New Hampshire investment trust, a series established in accordance with RSA 293-B:6, II may be dissolved and its affairs wound up without causing the dissolution of the New Hampshire investment trust or any other series thereof. Unless otherwise provided in the governing instrument of the New Hampshire investment trust, the dissolution, winding up, liquidation, or termination of the New Hampshire investment trust or any series thereof shall not affect the limitation of liability with respect to a series established in accordance with RSA 293-B:6, II. A series established in accordance with RSA 293-B:6, II is dissolved and its affairs shall be wound up at the time or upon the happening of events specified in the governing instrument of the New Hampshire investment trust. Except to the extent otherwise provided in the governing instrument of a New Hampshire investment trust, the death, incapacity, dissolution, termination, or bankruptcy of a beneficial owner of such series shall not result in the termination, or dissolution of such series and such series may not be terminated or revoked by a beneficial owner of such series or other person except in accordance with the terms of the governing instrument of the New Hampshire investment trust.
VIII. Upon dissolution of a series of a New Hampshire investment trust, the persons who under the governing instrument of the New Hampshire investment trust are responsible for winding up such series' affairs may, in the name of the New Hampshire investment trust and for and on behalf of the New Hampshire investment trust and such series, take all actions with respect to the series as are permitted under paragraph V of this section and shall provide for the claims and obligations of the series and distribute the assets of the series as provided under paragraph VI of this section. Any person, including any trustee, who under the governing instrument is responsible for winding up such series' affairs who has complied with paragraph VI of this section shall not be personally liable to the claimants of the dissolved series by reason of such person's actions in winding up the series.