N.H. Admin. Code § Rev 801.02

Current through Register No. 38, September 19, 2024

Section Rev 801.02 - Beneficial interest in the trust is not represented by transferrable shares

"Beneficial interest in the trust is not represented by transferrable shares" means, for the purposes of Rev 802.02, an interest in an organization:

(a) Where property is placed in the hands of a trustee who:

(1) Acts apart from the beneficiaries; and

(2) Manages and deals with the property as principal for the use and benefit of the beneficiaries;

(b) Where the shares, equity interests and all ownership rights are not transferable without obtaining prior member approval or causing a dissolution of the organization; and

(c) Which is not a:

(1) Corporation;

(2) Joint stock company;

(3) Business trust;

(4) Common law trust;

(5) Massachusetts trust;

(6) Real estate investment trust; or

(7) Homeowners or condominium association.

N.H. Admin. Code § Rev 801.02

#5300, eff 12-26-91; ss by #6691, eff 2-21-98, EXPIRED: 2-21-06

New. #8579, eff 3-8-06

Amended byVolume XXXIV Number 41, Filed October 9, 2014, Proposed by #10665, Effective 9/9/2014, Expires9/9/2024.