reglab/housing_qa huggingface dataset:
DC Code § 29-1205.10 (2021)
2021 District of Columbia Code|Title 29 - Business Organizations. [Enacted title]|Chapter 12 - Statutory Trusts|Subchapter V - Trustees and Trust Management|§ 29-1205.10. Direction of trustees

(a) The governing instrument may authorize any person, including a beneficial owner, to direct a trustee or other person in the management of a statutory trust. (b) The governing instrument may provide that the power to direct a trustee or other person or the exercise of the power by any person, including a beneficial owner, shall not cause the person to be a trustee or impose on the person duties, including fiduciary duties, or liabilities relating to these duties, to a statutory trust or beneficial owner. (c) If the governing instrument confers on a person a power to direct actions by a trustee or other person, the trustee or other person shall act in accordance with an exercise of the power, unless the direction is manifestly contrary to the terms of the governing instrument or the trustee knows or has reason to know that following the direction would constitute a serious breach of fiduciary duty by the trustee.  (July 2, 2011, D.C. Law 18-378, § 2, 58 DCR 1720.)  Section References This section is referenced in § 29-1201.04. Editor's Notes Uniform Law: This section is based on § 510 of the Uniform Statutory Trust Entity Act.
DC Code § 29-1205.11 (2021)
2021 District of Columbia Code|Title 29 - Business Organizations. [Enacted title]|Chapter 12 - Statutory Trusts|Subchapter V - Trustees and Trust Management|§ 29-1205.11. Delegation by trustee

(a) A trustee may delegate duties and powers. The trustee shall exercise the care a person in a similar position would reasonably believe appropriate under similar circumstances in: (1) Selecting an agent; (2) Establishing the scope and terms of the delegation; and (3) Periodically reviewing the agent’s actions to monitor the agent’s performance and compliance with the terms of the delegation. (b) Subject to subsection (a) of this section, a trustee may delegate duties and powers to a co-trustee. (c) In performing a delegated function, an agent of a trustee shall owe a duty to the statutory trust to exercise reasonable care to comply with the terms of the delegation. (d) A trustee that complies with subsection (a) of this section shall not be liable to a beneficial owner or to the statutory trust for an act or omission of the agent of the trustee to which a function was delegated. (e) An agent of a trustee submits to the jurisdiction of the courts of the District by accepting a delegation of powers or duties from a trustee with respect to a claim related to the agency.  (July 2, 2011, D.C. Law 18-378, § 2, 58 DCR 1720.)  Editor's Notes Uniform Law: This section is based on § 511 of the Uniform Statutory Trust Entity Act.
DC Code § 29-1205.12 (2021)
2021 District of Columbia Code|Title 29 - Business Organizations. [Enacted title]|Chapter 12 - Statutory Trusts|Subchapter V - Trustees and Trust Management|§ 29-1205.12. Independent trustee in registered investment company

(a) For the purposes of this section, the term “affiliated person” and “interested person” have the meanings as provided in section 2(3) and (19) of the Investment Company Act of 1940, (54 Stat. 790; 15 U.S.C. § 80a-2(3) and (19)), and any regulations issued thereunder. (b) If a statutory trust is registered as an investment company under the Investment Company Act of 1940, approved August 22, 1940 (54 Stat. 789; 15 U.S.C. § 80a-1 et seq.), or any successor statute and any regulations issued thereunder, a trustee shall be an independent trustee for all purposes under this chapter if the trustee shall is not an [sic] interested person of the trust. The receipt of compensation both for service as an independent trustee of the trust and for service as an independent trustee of one or more other investment companies managed by a single investment adviser or an affiliated person of an investment adviser, shall not affect the status of the trustee as an independent trustee under this section.  (July 2, 2011, D.C. Law 18-378, § 2, 58 DCR 1720.)  Editor's Notes Uniform Law: This section is based on § 512 of the Uniform Statutory Trust Entity Act.
DC Code § 29-1206.01 (2021)
2021 District of Columbia Code|Title 29 - Business Organizations. [Enacted title]|Chapter 12 - Statutory Trusts|Subchapter VI - Beneficial Owners|§ 29-1206.01. Beneficial interest

(a) A beneficial interest in a statutory trust is personal property. (b) A beneficial interest in a statutory trust shall not be an interest in specific property of the statutory trust. (c) A beneficial owner shall not have a preemptive right to subscribe to any additional issue of beneficial interests or any other interest of a statutory trust.  (July 2, 2011, D.C. Law 18-378, § 2, 58 DCR 1720; Mar. 5, 2013, D.C. Law 19-210, § 2(l)(7)(B), 59 DCR 13171.)  Effect of Amendments The 2013 amendment by D.C. Law 19-210 repealed former (a); redesignated former “(b) through (d) as (a) through (c); and substituted ““is personal property” for ““shall be personal property regardless of the nature of the property of the trust” in (a). Editor's Notes Uniform Law: This section is based on § 601 of the Uniform Statutory Trust Entity Act. Section 2(l)(7)(A) of D.C. Law 19-210 substituted “Beneficial Owners” for “Beneficiaries and Beneficial Rights” in the subchapter heading. Application of Law 19-210: Section 7 of D.C. Law 19-210 provided that the act shall apply as of January 1, 2012.
DC Code § 29-1206.02 (2021)
2021 District of Columbia Code|Title 29 - Business Organizations. [Enacted title]|Chapter 12 - Statutory Trusts|Subchapter VI - Beneficial Owners|§ 29-1206.02. Voting or consent by beneficial owners

On any matter that is to be acted on by beneficial owners, the following rules apply: (1) The beneficial owners shall act by majority of the beneficial interests. (2) The beneficial owners may take the action without a meeting, without notice, and without a vote, if beneficial owners having at least the minimum number of votes necessary to authorize or take the action at a meeting at which all beneficial owners entitled to vote thereon were present and voted consent in a signed record. However, prompt notice of the action shall be given to those beneficial owners that did not consent. (3) A beneficial owner may vote in person or by proxy, but if by proxy, the proxy shall be contained in a signed record.  (July 2, 2011, D.C. Law 18-378, § 2, 58 DCR 1720.)  Editor's Notes Uniform Law: This section is based on § 602 of the Uniform Statutory Trust Entity Act.
DC Code § 29-1206.03 (2021)
2021 District of Columbia Code|Title 29 - Business Organizations. [Enacted title]|Chapter 12 - Statutory Trusts|Subchapter VI - Beneficial Owners|§ 29-1206.03. Contribution by beneficial owner

(a) A contribution of a beneficial owner to a statutory trust may consist of property transferred, services performed, or another benefit provided to the statutory trust, or an agreement to transfer property, perform services, or provide another benefit. A person may become a beneficial owner of a statutory trust and may receive a beneficial interest in a statutory trust without making a contribution or being obligated to make a contribution to the trust. (b) A person’s obligation to contribute money or other property or other benefit to, or to perform services for, a statutory trust is not excused by the person’s death, disability, or other inability to perform the person’s obligations personally. If a person does not fulfill an obligation to make a contribution, other than a monetary contribution, the person is obligated at the option of the trustee to contribute money equal to the value of the part of the contribution which has not been made. (c) The governing instrument may provide that a beneficial owner that fails to make a required contribution, or comply with the terms and conditions of the governing instrument, shall be subject to specified penalties for or consequences of the failure, including: (1) Reduction or elimination of the defaulting beneficial owner’s proportionate interest in the statutory trust or series thereof; (2) Subordination of the defaulting beneficial owner’s beneficial interest to that of nondefaulting beneficial owners; (3) Forced sale or forfeiture of the defaulting beneficial owner’s beneficial interest; (4) Imposition of an obligation to repay a loan to the statutory trust by another beneficial owner of the amount necessary to meet the defaulting beneficial owner’s commitment; (5) Redemption or sale of the defaulting beneficial owner’s beneficial interest at a value fixed by appraisal or by formula; and (6) Specific performance of an obligation under the governing instrument.  (July 2, 2011, D.C. Law 18-378, § 2, 58 DCR 1720; Mar. 5, 2013, D.C. Law 19-210, § 2(l)(7)(C), 59 DCR 13171.)  Section References This section is referenced in § 29-1201.02. Effect of Amendments The 2013 amendment by D.C. Law 19-210 substituted “consist of property transferred, services performed, or another benefit provided to the statutory trust, or an agreement to transfer property, perform services, or provide another benefit” for “be in cash, property, or services rendered or a promissory note or other obligation to contribute cash or property or to perform services” in the first sentence of (a); and rewrote (b). Editor's Notes Uniform Law: This section is based on § 603 of the Uniform Statutory Trust Entity Act. Application of Law 19-210: Section 7 of D.C. Law 19-210 provided that the act shall apply as of January 1, 2012.
DC Code § 29-1206.04 (2021)
2021 District of Columbia Code|Title 29 - Business Organizations. [Enacted title]|Chapter 12 - Statutory Trusts|Subchapter VI - Beneficial Owners|§ 29-1206.04. Distribution to beneficial owner

(a) When a beneficial owner becomes entitled to receive a distribution, with respect to the distribution, the beneficial owner shall have the status of, and shall be entitled to all remedies available to, a creditor of the statutory trust. (b) A beneficial owner has a right to a distribution before the dissolution and winding up of a statutory trust only if the trustee decides to make an interim distribution. A beneficial owner shall not have a right to demand or to receive a distribution from the trust in any form other than money. (c) Except as otherwise provided in § 29-1208.03(b), the trust may distribute an asset in kind if each part of the asset is fungible with each other part and each beneficial owner receives a percentage of the asset equal in value to the beneficial owner’s share of the distribution. (d) Any distributions made by a statutory trust before its dissolution and winding up must be in proportion to the beneficial interests.  (July 2, 2011, D.C. Law 18-378, § 2, 58 DCR 1720; Mar. 5, 2013, D.C. Law 19-210, § 2(l)(7)(D), 59 DCR 13171.)  Effect of Amendments The 2013 amendment by D.C. Law 19-210 added the first sentence in (b); added “Except as otherwise provided in § 29-1208.03(b)” in (c); and added (d). Editor's Notes Uniform Law: This section is based on § 604 of the Uniform Statutory Trust Entity Act. Application of Law 19-210: Section 7 of D.C. Law 19-210 provided that the act shall apply as of January 1, 2012.
DC Code § 29-1206.05 (2021)
2021 District of Columbia Code|Title 29 - Business Organizations. [Enacted title]|Chapter 12 - Statutory Trusts|Subchapter VI - Beneficial Owners|§ 29-1206.05. Redemption of beneficial interest

A statutory trust may acquire, by purchase, redemption, or otherwise, any beneficial interest in the trust or series thereof. A beneficial interest acquired under this section shall be canceled.  (July 2, 2011, D.C. Law 18-378, § 2, 58 DCR 1720.)  Editor's Notes Uniform Law: This section is based on § 605 of the Uniform Statutory Trust Entity Act.
DC Code § 29-1206.06 (2021)
2021 District of Columbia Code|Title 29 - Business Organizations. [Enacted title]|Chapter 12 - Statutory Trusts|Subchapter VI - Beneficial Owners|§ 29-1206.06. Transfer of beneficial interest

(a) For the purposes of this section, “covered creditor” means a judgment creditor of a beneficial owner or a person to which a beneficial interest has been transferred by operation of law. (b) Except as otherwise provided in the governing instrument, a beneficial interest in a statutory trust is freely transferable. (c) The governing instrument may not limit the transferability of a beneficial interest if the same person is the sole trustee and sole beneficial owner. (d) If a beneficial interest is not freely transferable by a beneficial owner such that a transferee may become a beneficial owner without further requirement except notice to the statutory trust, the following rules apply: (1) On petition by a covered creditor, the Superior Court may authorize the petitioner to reach the beneficial owner’s interest by attachment of present or future distributions to or for the benefit of the beneficial owner or by other means. The court may limit the award to relief that is appropriate under the circumstances. (2) On petition by a covered creditor, to the extent a trustee has not complied with a standard of distribution provided in the governing instrument or has abused the trustee’s discretion to make a distribution, the Superior Court: (A) May order a distribution to the benefit of the petitioner; and (B) If a distribution is ordered, shall direct the trustee to pay to the petitioner an equitable amount but not more than the amount the trustee would have been required to distribute to or for the benefit of the beneficial owner if the trustee had complied with the standard or had not abused the discretion.  (July 2, 2011, D.C. Law 18-378, § 2, 58 DCR 1720; Mar. 5, 2013, D.C. Law 19-210, § 2(l)(7)(E), 59 DCR 13171.)  Section References This section is referenced in § 29-1201.04. Effect of Amendments The 2013 amendment by D.C. Law 19-210 rewrote the section. Editor's Notes Uniform Law: This section is based on § 606 of the Uniform Statutory Trust Entity Act. Application of Law 19-210: Section 7 of D.C. Law 19-210 provided that the act shall apply as of January 1, 2012.
DC Code § 29-1206.07 (2021)
2021 District of Columbia Code|Title 29 - Business Organizations. [Enacted title]|Chapter 12 - Statutory Trusts|Subchapter VI - Beneficial Owners|§ 29-1206.07. Transaction with beneficial owner

Subject to § 29-1205.07, a beneficial owner or related party of a beneficial owner may lend money to, borrow money from, act as a surety, guarantor, or endorser for, guarantee or assume an obligation of, provide collateral for, or do other business with the statutory trust and, subject to law other than this chapter, shall have the same rights and obligations with respect to a matter as a person that is not a beneficial owner.  (July 2, 2011, D.C. Law 18-378, § 2, 58 DCR 1720.)  Editor's Notes Uniform Law: This section is based on § 607 of the Uniform Statutory Trust Entity Act.
DC Code § 29-1206.08 (2021)
2021 District of Columbia Code|Title 29 - Business Organizations. [Enacted title]|Chapter 12 - Statutory Trusts|Subchapter VI - Beneficial Owners|§ 29-1206.08. Beneficial owner’s right to information

A beneficial owner shall have the right to receive from the statutory trust or a trustee information relating to the affairs of a statutory trust which is reasonably related to the beneficial owner’s interest. The beneficial owner may enforce this right by summary proceeding in the Superior Court.  (July 2, 2011, D.C. Law 18-378, § 2, 58 DCR 1720.)  Section References This section is referenced in § 29-1201.04 and § 29-1206.14. Editor's Notes Uniform Law: This section is based on § 608 of the Uniform Statutory Trust Entity Act.
DC Code § 29-1206.09 (2021)
2021 District of Columbia Code|Title 29 - Business Organizations. [Enacted title]|Chapter 12 - Statutory Trusts|Subchapter VI - Beneficial Owners|§ 29-1206.09. Direct action by beneficial owner

A beneficial owner may maintain a direct action against a statutory trust to redress an injury sustained by, or to enforce a duty owed to, the beneficial owner only if the owner can plead and prove an actual or threatened injury that is not solely the result of an injury suffered or threatened to be suffered by the statutory trust.  (July 2, 2011, D.C. Law 18-378, § 2, 58 DCR 1720; Mar. 5, 2013, D.C. Law 19-210, § 2(l)(7)(F), 59 DCR 13171.)  Section References This section is referenced in § 29-1201.04. Effect of Amendments The 2013 amendment by D.C. Law 19-210 rewrote the section. Editor's Notes Uniform Law: This section is based on § 609 of the Uniform Statutory Trust Entity Act. Application of Law 19-210: Section 7 of D.C. Law 19-210 provided that the act shall apply as of January 1, 2012.
DC Code § 29-1206.10 (2021)
2021 District of Columbia Code|Title 29 - Business Organizations. [Enacted title]|Chapter 12 - Statutory Trusts|Subchapter VI - Beneficial Owners|§ 29-1206.10. Derivative action by beneficial owner

A beneficial owner may maintain a derivative action to enforce a right of a statutory trust if: (1) The beneficial owner first makes a demand on the trustees, requesting that the trustees cause the trust to bring an action to redress the injury or enforce the right, and the trustees do not bring the action within a reasonable time; or (2) A demand would be futile.  (Mar. 5, 2013, D.C. Law 19-210, § 2(l)(7)(G), 59 DCR 13171.)  Section References This section is referenced in § 29-1201.04. Editor's Notes Application of Law 19-210: Section 7 of D.C. Law 19-210 provided that the act shall apply as of January 1, 2012.
DC Code § 29-1206.11 (2021)
2021 District of Columbia Code|Title 29 - Business Organizations. [Enacted title]|Chapter 12 - Statutory Trusts|Subchapter VI - Beneficial Owners|§ 29-1206.11. Proper plaintiff

A derivative action to enforce a right of a statutory trust may be maintained only by a person that is a beneficial owner at the time the action is commenced and: (1) Was a beneficial owner when the conduct giving rise to the action occurred; or (2) Whose status as a beneficial owner devolved upon the person by operation of law or pursuant to the terms of the governing instrument from a person that was a beneficial owner at the time of the conduct.  (Mar. 5, 2013, D.C. Law 19-210, § 2(l)(7)(G), 59 DCR 13171.)  Editor's Notes Application of Law 19-210: Section 7 of D.C. Law 19-210 provided that the act shall apply as of January 1, 2012.
DC Code § 29-1206.12 (2021)
2021 District of Columbia Code|Title 29 - Business Organizations. [Enacted title]|Chapter 12 - Statutory Trusts|Subchapter VI - Beneficial Owners|§ 29-1206.12. Pleading

In a derivative action to enforce a right of a statutory trust, the complaint shall state with particularity the: (1) Date and content of the plaintiff’s demand and the trustees’ response to the demand; or (2) Reason the demand should be excused as futile.  (Mar. 5, 2013, D.C. Law 19-210, § 2(l)(7)(G), 59 DCR 13171.)  Editor's Notes Application of Law 19-210: Section 7 of D.C. Law 19-210 provided that the act shall apply as of January 1, 2012.
DC Code § 29-1206.13 (2021)
2021 District of Columbia Code|Title 29 - Business Organizations. [Enacted title]|Chapter 12 - Statutory Trusts|Subchapter VI - Beneficial Owners|§ 29-1206.13. Proceeds and expenses

(a) Except as otherwise provided in subsection (b) of this section: (1) Any proceeds or other benefits of a derivative action on behalf of a statutory trust, whether by judgment, compromise, or settlement belong to the trust and not to the plaintiff; and (2) If the plaintiff receives any proceeds, the plaintiff shall immediately remit them to the trust. (b) If a derivative action on behalf of a statutory trust is successful in whole or in part, the court may award the plaintiff reasonable attorneys’ fees, costs, and other expenses from the recovery by the trust. (c) A derivative action on behalf of a statutory trust shall not be voluntarily dismissed or settled without the court’s approval.  (Mar. 5, 2013, D.C. Law 19-210, § 2(l)(7)(G), 59 DCR 13171.)  Editor's Notes Application of Law 19-210: Section 7 of D.C. Law 19-210 provided that the act shall apply as of January 1, 2012.
DC Code § 29-1206.14 (2021)
2021 District of Columbia Code|Title 29 - Business Organizations. [Enacted title]|Chapter 12 - Statutory Trusts|Subchapter VI - Beneficial Owners|§ 29-1206.14. Special litigation committee

(a) If a statutory trust is named as or made a party in a derivative proceeding, the trust may appoint a special litigation committee to investigate the claims asserted in the proceeding and determine whether pursuing the action is in the best interests of the trust. If the trust appoints a special litigation committee, on motion by the committee made in the name of the trust, except for good cause shown, the court shall stay discovery for the time reasonably necessary to permit the committee to complete its investigation. This subsection does not prevent the court from enforcing a person’s right to information under § 29-1205.08 or § 29-1206.08, for good cause shown, granting extraordinary relief in the form of a temporary restraining order or preliminary injunction. (b) A special litigation committee may be composed of one or more disinterested and independent individuals, who may be trustees. (c) A special litigation committee may be appointed: (1) By a majority of the trustees not named as defendants or plaintiffs in the proceeding; and (2) If all trustees are named as defendants or plaintiffs in the proceeding, by a majority of the trustees named as defendants. (d) After appropriate investigation, a special litigation committee may determine that it is in the best interests of the statutory trust that the proceeding: (1) Continue under the control of the plaintiff; (2) Continue under the control of the committee; (3) Be settled on terms approved by the committee; or (4) Be dismissed. (e) After making a determination under subsection (d) of this section, a special litigation committee shall file with the court a statement of its determination and its report supporting its determination and shall serve each party with a copy of the determination and report. The court shall determine whether the members of the committee were disinterested and independent and whether the committee conducted its investigation and made its recommendation in good faith, independently, and with reasonable care, with the committee having the burden of proof. If the court finds that the members of the committee were disinterested and independent and that the committee acted in good faith, independently, and with reasonable care, the court shall enforce the determination of the committee. Otherwise, the court shall dissolve the stay of discovery entered under subsection (a) of this section and allow the action to proceed under the direction of the plaintiff.  (Mar. 5, 2013, D.C. Law 19-210, § 2(l)(7)(H), 59 DCR 13171.)  Section References This section is referenced in § 29-1201.04. Editor's Notes Application of Law 19-210: Section 7 of D.C. Law 19-210 provided that the act shall apply as of January 1, 2012.