CORPORATIONS, ASSOCIATIONS, AND PROPRIETORS OF COMMON LANDS
TREATMENT OF NEW HAMPSHIRE INVESTMENT TRUSTS
As used in this chapter, unless the context otherwise requires:
I. "Bank" means bank as such term is defined in RSA 383-A:2-201(a)(3) and refers to any bank engaging in business in this state.
II. "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.
III. "Foreign investment trust" means an investment trust formed under the laws of any state or under the laws of any foreign country or other foreign jurisdiction and denominated as such under the laws of such state or foreign country or other foreign jurisdiction.
III-a. (a) "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. A governing instrument:
(1) May provide that a person shall become a beneficial owner or a trustee if such person (or, in the case of a beneficial owner, a representative authorized by such person orally, in writing, or by other action such as payment for a beneficial interest) complies with the conditions for becoming a beneficial owner or a trustee set forth in the governing instrument or any other writing and, in the case of a beneficial owner, acquires a beneficial interest;
(2) May consist of one or more agreements, instruments, or other writings and may include or incorporate bylaws containing provisions relating to the business of the New Hampshire investment trust, the conduct of its affairs, and its rights or powers or the rights or powers of its trustees, beneficial owners, agents, or employees; and
(3) May contain any provision that is not inconsistent with law or with the information contained in the certificate of trust.
(b) A New Hampshire investment trust is not required to execute its governing instrument. A New Hampshire investment trust is bound by its governing instrument whether or not it executes the governing instrument. A beneficial owner or a trustee is bound by the governing instrument whether or not such beneficial owner or trustee executes the governing instrument.
IV. "New Hampshire investment trust" means a "qualified investment company" as defined in RSA 77-A:1, XXI.
V. "Independent trustee" means, solely with respect to a New Hampshire investment trust that is registered as an investment company under the Investment Company Act of 1940, as amended (15 U.S.C. section 80a-1 et seq.), or any successor statute thereto, any trustee who is not an "interested person" of the New Hampshire investment trust; provided that the receipt of compensation for service as an independent trustee of the New Hampshire investment trust and also for service as an independent trustee of one or more other investment companies managed by a single investment adviser, or an affiliated person of such investment adviser, shall not affect the status of a trustee as an independent trustee under this chapter. An independent trustee as defined hereunder shall be deemed to be independent and disinterested for all purposes. For purposes of this definition, the terms "affiliated person" and "interested person" have the meanings set forth in the Investment Company Act of 1940, as amended (15 U.S.C. section 80a-1 et seq.) or any rule adopted thereunder.
VI. "Other investment entity" means an out-of-state investment entity which meets the definition of a "qualified investment company" as defined in RSA 77-A:1, XXI, with the exception that such other investment entity need not submit certification to the commissioner.
VII. "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.
VIII. "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.
Source. 1991, 67:1. 2010, 149:1. 2015, 272:28, eff. Oct. 1, 2015.