Rights of Unitholders. The Units shall be personal property giving only the rights in this Declaration specifically set forth. The ownership of the Trust Property of every description and the right to conduct any business herein before described are vested exclusively in the Trustees, and the Unitholders shall have no interest therein other than the beneficial interest conferred by their Units, and they shall have no right to call for any partition or division of any property, profits, rights or interests of the Trust nor can they be called upon to share or assume any losses of the Trust or, subject to the right of the Trustees to charge certain expenses directly to Unitholders, as provided in the last sentence of Section 3.8, suffer an assessment of any kind by virtue of their ownership of Units. The Units shall not entitle the holder to preference, preemptive, appraisal, conversion or exchange rights (except as specified in this Section 6.3, in Section 12.4 or as specified by the Trustees when creating the Units, as in preferred units).
Appears in 3 contracts
Samples: Agreement and Declaration of Trust (Cushing MLP Infrastructure Fund II), Agreement and Declaration of Trust (Cushing MLP Infrastructure Master Fund), Agreement and Declaration (Cushing MLP Infrastructure Fund)
Rights of Unitholders. The Units shall be personal property giving only the rights in this Declaration specifically set forth. The ownership of the Trust Property of every description and the right to conduct any business herein before described are vested exclusively in the Trustees, and the Unitholders shall have no interest therein other than the beneficial interest conferred by their Units, and they shall have no right to call for any partition or division of any property, profits, rights or interests of the Trust nor can they be called upon to share or assume any losses of the Trust or, subject to the right of the Trustees to charge certain expenses directly to Unitholders, as provided in the last sentence of Section 3.8, suffer an assessment of any kind by virtue of their ownership of Units. The Units shall not entitle the holder to preference, preemptive, appraisal, conversion or exchange rights (except as specified in this Section 6.3, in Section 12.4 11.4 or as specified by the Trustees when creating the Units, as in preferred units).
Appears in 1 contract
Samples: Agreement and Declaration of Trust (NT Equity Long/Short Strategies Fund)
