§ 12-1002. Approval.

Latest version.

(a) Statutory trust to other entity. -- Except as provided in the governing instrument, a conversion of a statutory trust to an other entity shall be approved by a majority of the trustees and by the beneficial owners by the affirmative vote of two-thirds of all the votes entitled to be cast on the matter.

(b) Other entity to statutory trust. -- A conversion of an other entity to a statutory trust shall be approved in the manner and by the vote required by its governing document and the laws of the place where it is incorporated or organized.

HISTORY: 2013, ch. 527, § 2; ch. 528, § 2.

                    
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