17-2028.   Same; definitions.For the purposes of this act:

      (a)   A "business trust" is an unincorporated business association of thetype which at common law was known as a "common-law trust," "businesstrust," or "Massachusetts trust," created by a trust instrument under whichproperty is held, managed, administered, controlled, invested, reinvested,and operated by trustees for the benefit and profit of such persons as areor may become the holders of transferable certificates evidencingbeneficial interests in the trust estate, the holders of which certificatesare entitled to the same limitation of personal liability extended tostockholders of private corporations for profit;

      (b)   a "domestic" business trust is one created under the laws of thisstate;

      (c)   a "foreign" business trust is one created under the laws of aforeign country or of a territory or state other than Kansas; and

      (d)   the "corpus" of any business trust is equivalent to the capital andaccumulated earnings or earned surplus of a corporation.

      History:   L. 1961, ch. 127, § 2; April 29.