Common use of Nature of the Trust Clause in Contracts

Nature of the Trust. 2.8.1 The Trust is an unincorporated open-end investment trust. The Trust, its Trustees, the Units and the Trust Property shall be governed by the general rules set forth in the Civil Code, except as such general rules have been or are from time to time modified, altered, abridged or replaced for the Trust by (a) applicable laws and regulations or other requirements and (b) the terms, conditions and trusts set forth in this Contract of Trust. 2.8.2 The interest and rights generally of a Unitholder in the Trust shall be limited to the right to participate equally and rateably in distributions when and as declared by the Trustees as contemplated by Article 11 and distributions upon the termination of the Trust as contemplated in Article 15. 2.8.3 The Trust is not and is not intended to be, shall not be deemed to be and shall not be treated as a general partnership, limited partnership, syndicate, association, joint venture, company, corporation or joint stock company nor shall any Trustee or the Unitholders or any of them for any purpose be, or be deemed to be, treated in any way whatsoever to be, liable or responsible hereunder as partners or joint venturers. 2.8.4 The Trustees shall not be, or be deemed to be, agents of the Unitholders. The relationship of the Unitholders to the Trustees, to the Trust and to the Trust Property shall be solely that of beneficiaries in accordance with this Contract of Trust. In its first Taxation Year, in filing a return of income for the Trust, the Trust shall elect, assuming that the requirements for such election are met, that the Trust shall be deemed to be a “mutual fund trust” for purposes of the Tax Act for the entire Taxation Year.

Nature of the Trust. 2.8.1 The Trust is an unincorporated open-end investment trust. The Trust, its Trustees, the Units and the Trust Property shall be governed by the general rules set forth in the Civil Code, except as such general rules have been or are from time to time modified, altered, abridged or replaced for the Trust by (a) applicable laws and regulations or other requirements and (b) the terms, conditions and trusts set forth in this Contract of Trust. 2.8.2 The interest and rights generally of a Unitholder in the Trust shall be limited to the right to participate equally and rateably in distributions when and as declared by the Trustees as contemplated by Article ARTICLE 11 and distributions upon the termination of the Trust as contemplated in Article 15ARTICLE 16. 2.8.3 The Trust is not and is not intended to be, shall not be deemed to be and shall not be treated as a general partnership, limited partnership, syndicate, association, joint venture, company, corporation or joint stock company nor shall any Trustee or the Unitholders or any of them for any purpose be, or be deemed to be, treated in any way whatsoever to be, liable or responsible hereunder as partners or joint venturers. 2.8.4 The Trustees shall not be, or be deemed to be, agents of the Unitholders. The relationship of the Unitholders to the Trustees, to the Trust and to the Trust Property shall be solely that of beneficiaries in accordance with this Contract of Trust. In its first Taxation Year, in filing a return of income for the Trust, the Trust shall elect, assuming that the requirements for such election are met, that the Trust shall be deemed to be a “mutual fund trust” for purposes of the Tax Act for the entire Taxation Year.