(a) A statutory trust is hereby declared to be a permitted form of association for the conduct of business in this state, provided the provisions of sections 34-500 to 34-547, inclusive, are complied with, except that nothing contained in said sections shall be construed to limit, prohibit or invalidate the existence, acts or obligations of any common law business trust created or doing business in this state before or after October 1, 1997. Common law business trusts created before or after October 1, 1997, may elect to be governed by the provisions of said sections upon the filing of a certificate of trust, provided, a common law business trust created before October 1, 1997, shall not be governed by the provisions of said sections to the extent of any inconsistent provisions contained in its governing instrument and not thereafter modified by amendment.
(b) The laws of this state shall govern the organization and internal affairs of all domestic statutory trusts.
(P.A. 96-271, S. 220, 254.)
History: P.A. 96-271 effective October 1, 1997.
Structure Connecticut General Statutes
Chapter 615 - Statutory Trusts
Section 34-500. - Short title: Connecticut Statutory Trust Act.
Section 34-501. - Definitions.
Section 34-502a. - Purposes of statutory trust.
Section 34-502b. - Powers and liabilities of statutory trust.
Section 34-503. - Certificate of trust. Filing of documents.
Section 34-504. - Execution of certificates.
Section 34-505. - Effective time and date of certificate.
Section 34-506. - Name of statutory trust. Reservation of name.
Section 34-507. - Appointment of statutory agent for service of process.
Section 34-508. - Service of process.
Section 34-509. - Fees payable to the Secretary of the State.
Section 34-515. - Contributions by beneficial owners.
Section 34-516. - Rights of beneficial owners in property of statutory trust.
Section 34-517. - Management of statutory trust.
Section 34-518. - Existence of statutory trust.
Section 34-519. - Applicability of laws pertaining to trusts. Classification for taxation purposes.
Section 34-520. - Applicability of law re foreign corporation acting as trustee.
Section 34-521. - Merger or consolidation.
Section 34-522. - Derivative actions.
Section 34-523. - Liability of beneficial owners, trustees, officers, employees and managers.
Section 34-524. - Indemnification.
Section 34-530. - Governing law.
Section 34-531. - Registration with Secretary of the State.
Section 34-532. - Appointment of agent for service of process.
Section 34-533. - Service of process on statutory agent.
Section 34-534. - Issuance of registration.
Section 34-536. - Amendment of application for registration.
Section 34-537. - Cancellation of registration.
Section 34-538. - Revocation of certificate of registration.
Section 34-539. - Transaction of business without registration.
Section 34-540. - Activities not constituting transacting business in this state.
Section 34-541. - Action by Attorney General.
Section 34-545. - Reservation of power to amend or repeal.