17-2034. Same; powers; construction of instrument; terms and conditions, binding effect.
17-2034
17-2034. Same; powers; construction of instrument;
terms and
conditions, binding effect.
Subject to the provisions of K.S.A.
17-2035 and amendments thereto, the powers and authority of any business
trust authorized under this act
to transact business in this state shall be as specified in the
instrument by which it was created and any
amendments thereto. Except as otherwise provided, such instrument shall
be construed and interpreted in accordance with the common law
applicable to business trusts. No business
trust shall possess any power which would violate the public policy of
this state or be authorized to engage in any business which a private
corporation for profit organized under the laws of this state may not
legally transact. Subject to the foregoing limitations on power and
authority, any person dealing with a business trust authorized under
this act to transact business in this state shall be bound by the terms
and conditions of the instrument by which the trust was created and by
any amendments thereto which have been filed in compliance
with K.S.A. 17-2033 and amendments thereto.
History: L. 1961, ch. 127, § 8;
L. 1999, ch. 39, § 4; July 1.