New Hampshire § 564-F-8-802 - Section 564-F:8-802 Trust Powers.

§ 564-F-8-802. Section 564-F:8-802 Trust Powers.

(a) A foundation shall have trust powers to the extent that it: (1) Does not transact business with the general public; (2) Is a family trust company as defined in RSA 383-A:2-201(a)(26); or (3) Is a foreign family trust company that is authorized to engage in trust business in this state under RSA 383-D:13-1301. (b) Trust powers include the power to act as a trustee or other fiduciary, a trust advisor as defined in RSA 564-B:1-103(27), or a trust protector as defined in RSA 564-B:1-103(28). (c) For purposes of subsection (a)(1), a foundation does not transact business with the general public to the extent that the foundation: (1) Qualifies as a family office under 15 U.S.C. section 80b-2(a)(11)(G); or (2) Offers and provides its services only to persons who would qualify as family clients as defined in RSA 383-D:2-201(b)(5) if the foundation was chartered as a family trust company under RSA 383-D. (d) For purposes of subsection (c)(2), a foundation may use any reasonable method for: (1) Identifying a designated relative as defined in RSA 383-D:2-201(b)(2); and (2) Selecting a method for determining family members as described in RSA 383-D:4-402(b)(2) or (c). (e) A foundation described in subsection (a)(1) shall be exempt from RSA Title 35 and shall not be subject to the jurisdiction of the New Hampshire bank commissioner. (f) To the extent that a foundation other than a foundation described in subsection (a)(2) or (a)(3) transacts business with the general public, the following shall apply: (1) Any action by the foundation shall not be void or voidable solely by reason of the foundation transacting business with the general public. (2) Each of the foundation's directors shall be personally, jointly, and severally liable for all liabilities created by the foundation transacting business with the general public, including any breach of a fiduciary duty to a member of the general public. (3) A director's liability under subsection (f)(2) is in addition to any civil or criminal penalties imposed by applicable law. (g) This section does not restrict the rights and remedies of any person affected by a foundation's exercise of trust powers, including the right to commence a judicial proceeding seeking: (1) A remedy for a breach of trust under RSA 564-B:10-1001; (2) Damages for a breach of trust under RSA 564-B:10-1002; or (3) Damages under RSA 564-B:10-1003.