§ 29-1203.03Title 29

Permissible purposes.

Except as otherwise provided in subsection (b) of this section, a statutory trust may be formed for and may have any lawful purpose, regardless of whether for profit. A statutory trust may not have a predominantly donative purpose. Application of Law 19-210: Section 7 of D.C. Law 19-210 provided that the act shall apply as of January 1, 2012. Uniform Law: This section is based on § 303 of the Uniform Statutory Trust Entity Act.

Annotations

July 2, 2011, D.C. Law 18-378, § 2, 58 DCR 1720
Mar. 5, 2013, D.C. Law 19-210, § 2(l)(4)(C), 59 DCR 13171
The 2013 amendment by D.C. Law 19-210 added “regardless of whether for profit” at the end of (a); and substituted “may” for “shall” in (b).
This section is referenced in § 29-1201.04.

Source XML

Sourced from the DC Council Open Law Library (public domain).

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