Admissions of Interestholders; Transfers. For purposes of this Article VI, Interestholders shall be deemed admitted, and a tax and book capital account shall be established in respect of the Interests acquired by such Interestholder or in respect of additional Interests acquired by an existing Interestholder, as of the Dealing Day following the week in which such Interestholder’s Subscription Agreement or Exchange Request, as the case may be, is received, provided the Managing Owner shall have been in receipt of such Subscription Agreement or Exchange Request for at least five Business Days, or in which the transfer of Interests to such Interestholder is recognized, except that persons accepted as subscribers to the Trust pursuant to Section 3.4(b) shall be deemed admitted on the date determined pursuant to such Section. Any Interestholder to whom an Interest had been transferred shall succeed to the tax and book capital accounts attributable to the Interest transferred.
Admissions of Interestholders; Transfers. 42 SECTION 6.6 Liability for State and Local and Other Taxes.....................................43
Admissions of Interestholders; Transfers. For purposes of this Article VI, Interestholders shall be deemed admitted, and a tax and book capital account shall be established in respect of the Interests acquired by such Interestholder or in respect of additional Interests acquired by an existing Interestholder, as of the first day of the calendar month following the calendar month in which such Interestholder’s subscription or additional Capital Contribution, as the case may be, is accepted, or the transfer of Interests to such Interestholder is recognized, except that persons accepted as subscribers to the Trust pursuant to Section 3.2(b) shall be deemed admitted on the date determined pursuant to such Section. Any Interestholder to whom an Interest had been transferred shall succeed to the tax and book capital accounts attributable to the Interest transferred.
Admissions of Interestholders; Transfers. 31 SECTION 6.6 Liability for State and Local and Other Taxes 31 ARTICLE VII SECTION 7.1 Redemption of Interests 31 SECTION 7.2 Redemption By the Managing Owner 33 ARTICLE VIII THE LIMITED OWNERS 33 SECTION 8.1 Management or Control; Limited Liability 33 SECTION 8.2 Rights and Duties 34 SECTION 8.3 Limitation on Liability. 35 ARTICLE IX BOOKS OF ACCOUNT AND REPORTS 36 SECTION 9.1 Books of Account 36 SECTION 9.2 Annual Reports and Monthly Statements 36 SECTION 9.3 Tax Information 36 SECTION 9.4 Calculation of Net Asset Value 36 SECTION 9.5 Other Reports 36 SECTION 9.6 Maintenance of Records 37 SECTION 9.7 Certificate of Trust 37 SECTION 9.8 Registration of Interests 37 ARTICLE X FISCAL YEAR 37 SECTION 10.1 Fiscal Year 37 ARTICLE XI AMENDMENT OF TRUST AGREEMENT; MEETINGS 37 SECTION 11.1 Amendments to the Trust Agreement 37 SECTION 11.2 Meetings of the Trust 39 SECTION 11.3 Action Without a Meeting 39 ARTICLE XII TERM 39 SECTION 12.1 Term 39 C-ii ARTICLE XIII TERMINATION 40 SECTION 13.1 Events Requiring Dissolution 40 SECTION 13.2 Distributions on Dissolution 41 SECTION 13.3 Termination; Certificate of Cancellation 41 ARTICLE XIV POWER OF ATTORNEY 42 SECTION 14.1 Power of Attorney Executed Concurrently 42 SECTION 14.2 Effect of Power of Attorney 42 SECTION 14.3 Limitation on Power of Attorney 43 ARTICLE XV MISCELLANEOUS 43 SECTION 15.1 Governing Law 43 SECTION 15.2 Provisions In Conflict with Law or Regulations. 44 SECTION 15.3 Construction 44 SECTION 15.4 Notices 44 SECTION 15.5 Counterparts 44 SECTION 15.6 Binding Nature of Trust Agreement 44 SECTION 15.7 No Legal Title to Trust Estate 45 SECTION 15.8 Creditors 45 DIVERSIFED FUTURES TRUST I SECOND AMENDED AND RESTATED DECLARATION OF TRUST AND TRUST AGREEMENT This SECOND AMENDED AND RESTATED DECLARATION OF TRUST AND TRUST AGREEMENT (“Trust Agreement”) is made and entered into as of the 1st day of October, 2004, by and among Preferred Investment Solutions Corp. (formerly known as Kenmar Advisory Corp.), a Connecticut corporation (the “Managing Owner”), Wilmington Trust Company, a Delaware banking company, as trustee (the “Trustee”), and the Interestholders from time to time hereunder.
Admissions of Interestholders; Transfers. 31 Section 6.6 Liability for State and Local and Other Taxes 31 Article VII. REDEMPTIONS 32 Section 7.1 Redemption of Interests 32 Section 7.2 Redemption By the Managing Owner 34 Article VIII. THE LIMITED OWNERS 34 Section 8.1 No Management or Control; Limited Liability 34 Section 8.2 Rights and Duties 34 Section 8.3 Limitation on Liability. 35
