Nevada § 88A.280 - Governing instrument: Optional provisions relating to management of trust and rights, duties and obligations of trustees, beneficial owners and other persons

§ 88A.280. Governing instrument: Optional provisions relating to management of trust and rights, duties and obligations of trustees, beneficial owners and other persons

A governing instrument may contain any provision relating to the management or the

business or affairs of the business trust and the rights, duties and obligations of

the trustees, beneficial owners and other persons which is not contrary to a provision

or requirement of this chapter and may: 1. Provide for classes, groups or series of trustees or beneficial owners, or of beneficial

interests, having such relative rights, powers and duties as the governing instrument

provides, and may provide for the future creation in the manner provided in the governing

instrument of additional such classes having such relative rights, powers and duties

as may from time to time be established, including rights, powers and duties senior

or subordinate to existing classes, groups or series. 2. Provide that a person becomes a beneficial owner and bound by the governing instrument

if the person, or the person’s representative authorized orally, in writing or by

action such as payment for a beneficial interest, complies with the conditions for

becoming a beneficial owner set forth in the governing instrument or any other writing

and acquires a beneficial interest. 3. Establish or provide for a designated series of trustees, beneficial owners or

beneficial interests having separate rights, powers or duties with respect to specified

property or obligations of the business trust or profits and losses associated with

specified property or obligations, and, to the extent provided in the governing instrument,

any such series may have a separate business purpose or investment objective. 4. Provide for the taking of any action, including the amendment of the governing

instrument, the accomplishment of a merger, the appointment of one or more trustees,

the sale, lease, transfer, pledge or other disposition of all or any part of the assets

of the business trust or the assets of any series, or the dissolution of the business

trust, and the creation of a class, group or series of beneficial interests that was

not previously outstanding, without the vote or approval of any particular trustee

or beneficial owner or class, group or series of trustees or beneficial owners. 5. Grant to or withhold from all or certain trustees or beneficial owners, or a specified

class, group or series of trustees or beneficial owners, the right to vote, separately

or with one or more of the trustees, beneficial owners or classes, groups or series

thereof, on any matter. Voting power may be apportioned per capita, proportionate to financial interest, by

class, group or series, or on any other basis. 6. If and to the extent that voting rights are granted under the certificate of trust

or governing instrument, set forth provisions relating to notice of the time, place

or purpose of a meeting at which a matter will be voted on, waiver of notice, action

by consent without a meeting, the establishment of record dates, requirement of a

quorum, voting in person, by proxy or otherwise, or any other matter with respect

to the exercise of the right to vote. 7. Provide for the present or future creation of more than one business trust, including

the creation of a future business trust to which all or any part of the assets, liabilities,

profits or losses of any existing business trust are to be transferred, and for the

conversion of beneficial interests in an existing business trust, or series thereof,

into beneficial interests in the separate business trust or a series thereof. 8. Provide for the appointment, election or engagement, either as agents or independent

contractors of the business trust or as delegates of the trustees, of officers, employees,

managers or other persons who may manage the business and affairs of the business

trust and have such titles and relative rights, powers and duties as the governing

instrument provides. Except as otherwise provided in the governing instrument, the trustees shall choose

and supervise those officers, managers and other persons.