Section Rev 901.04 - A beneficial interest in which is represented by transferable sharesA "beneficial interest in which is represented by transferable shares," as used in RSA 77:4, III,means an interest in an organization:
(a) Which is a: (4) Real estate investment trust; or(5) Homeowners or condominium association;(b) 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 who hold equitable interests; and(c) Where the shares, equitable interests and all ownership rights are freely transferable without the necessity of securing prior member approval or causing a dissolution of the organization.N.H. Admin. Code § Rev 901.04
#4557, eff 12-28-88; ss by #5947, eff 12-29-94; ss by #6321, eff 8-22-96; ss by #8137, eff 8-10-04; ss by #10211, eff 10-24-12
Renumbered by Rev 901.03 Volume XXXV Number 14, Filed April 9, 2015, Proposed by #10795, Effective 3/11/2015, Expires 3/11/2025.