(a) The governing instrument may provide for the creation by the statutory trust of one or more series with respect to specified property of the statutory trust if:
(1) Records are maintained for the series which reasonably identify the property of the series, including by specific listing, category, type, quantity, or computational or allocational formula or procedure, such as a percentage or share of any property, or by any other method by which the identity of the property of the series is objectively determinable; and
(2) Notice that the trust may have one or more series is set forth in the certificate of trust as required by § 29-1202.01(b)(4).
(b) A series of a statutory trust shall not be an entity separate from the statutory trust.
(c) A series of a statutory trust may have a purpose, regardless of whether for profit, separate from the trust or any other series thereof if the purpose of the series is lawful and not a predominantly donative purpose.
(d) Subject to § 29-1204.03, the governing instrument may provide for the creation of one or more classes of trustees, beneficial owners, or beneficial interests having separate rights, powers, or duties with respect to the statutory trust or any series thereof.
Effect of Amendments
The 2013 amendment by D.C. Law 19-210 substituted “purpose, regardless of whether for profit, separate” for “separate purpose” in (c); and added (d).
Uniform Law: This section is based on § 401 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.