17-2034.   Same; powers; construction of instrument;terms andconditions, binding effect.Subject to the provisions of K.S.A.17-2035 and amendments thereto, the powers and authority of any businesstrust authorized under this actto transact business in this state shall be as specified in theinstrument by which it was created and anyamendments thereto. Except as otherwise provided, such instrument shallbe construed and interpreted in accordance with the common lawapplicable to business trusts. No businesstrust shall possess any power which would violate the public policy ofthis state or be authorized to engage in any business which a privatecorporation for profit organized under the laws of this state may notlegally transact. Subject to the foregoing limitations on power andauthority, any person dealing with a business trust authorized underthis act to transact business in this state shall be bound by the termsand conditions of the instrument by which the trust was created and byany amendments thereto which have been filed in compliancewith K.S.A. 17-2033 and amendments thereto.

      History:   L. 1961, ch. 127, § 8;L. 1999, ch. 39, § 4; July 1.