D.C. Code § 29-1203.03

Current through codified legislation effective October 30, 2024

Section 29-1203.03 - Permissible purposes

(a) Except as otherwise provided in subsection (b) of this section, a statutory trust may be formed for and may have any lawful purpose, regardless of whether for profit.

(b) A statutory trust may not have a predominantly donative purpose.

July 2, 2011, D.C. Law 18-378, § 2, 58 DCR 1720; Mar. 5, 2013, D.C. Law 19-210, § 2(l)(4)(C), 59 DCR 13171.

Uniform Law: This section is based on § ,303 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.