10-1877. Powers; construction of instrument;
binding effect of terms and conditions
A. Subject to the provisions of section 10-1878, the powers and authority of any
business trust authorized under this article to transact business in this state shall be
as specified in the instrument by which it was created, as amended, which instrument
shall be construed and interpreted in accordance with the law applicable to such business
trust, provided that no business trust shall engage in any activity in this state which
would violate the public policy of this state or engage in any business in this state
which private corporations for profit organized under the laws of this state may not
legally transact.
B. Subject to the limitations on power and authority as provided in subsection A of
this section, any person dealing with a business trust authorized under this article to
transact business in this state shall be bound by the terms and conditions of the
instrument by which the business trust was created and by any amendments thereto which
have been filed and recorded in compliance with section 10-1876.
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