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Common use of Liability of Shareholders Clause in Contracts

Liability of Shareholders. Notice is hereby given that, as provided by applicable law, the obligations of or arising out of this Agreement are not binding upon any of the shareholders of the Funds individually but are binding only upon the assets and property of each Fund and that the shareholders shall be entitled, to the fullest extent permitted by applicable law, to the same limitation on personal liability as shareholders of private corporations for profit.

Appears in 3 contracts

Samples: Investment Advisory Agreement (Spinnaker ETF Series), Investment Advisory Agreement (Spinnaker ETF Series), Investment Advisory Agreement (Spinnaker ETF Series)

Liability of Shareholders. Notice is hereby given that, as provided by applicable law, the obligations of or arising out of this Agreement are not binding upon any of the shareholders of the Funds individually but are binding only upon the assets and property of each Fund the Funds and that the shareholders shall be entitled, to the fullest extent permitted by applicable law, to the same limitation on personal liability as shareholders of private corporations for profit.

Appears in 1 contract

Samples: Investment Advisory Agreement (Spinnaker ETF Series)

Liability of Shareholders. Notice is hereby given that, as provided by applicable law, the obligations of or arising out of this Agreement are not binding upon any of the shareholders of the Funds Trust individually but are binding only upon the assets and property of each Fund the Trust and that the shareholders shall be entitled, to the fullest extent permitted by applicable law, to the same limitation on personal liability as shareholders of or private corporations for profit.

Appears in 1 contract

Samples: Investment Advisory Agreement (Prophecy Alpha Fund I)