TITLE XXVII CORPORATIONS, ASSOCIATIONS, AND PROPRIETORS OF COMMON LANDS
CHAPTER 293-B TREATMENT OF NEW HAMPSHIRE INVESTMENT TRUSTS
Section 293-B:7
293-B:7 Rights of Beneficial Owners in Trust Property. –
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 RSA 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 RSA 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. section 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. section 80a-18), as amended, and any regulations issued thereunder, provided that this section is not intended to affect in any respect the provisions of RSA 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.