Status of the Fund. The Fund shall possess full juridical personality, and, in particular, the capacity:
Status of the Fund. The Fund intends to make an election to be classified as a corporation for U.S. federal income tax purposes (a “Corporation”) and to be regulated as a business development company and intends to elect to be treated and is authorized to take any such action as it determines necessary to qualify annually (including investing in a Portfolio Company through a Corporation), as a regulated investment company within the meaning of Section 851 of the Code.
Status of the Fund. 3. Immunity from judicial process
Status of the Fund. The Fund shall be the property of the Foundation, held in its fiduciary capacity, and shall be deemed a trust fund held by it in a trustee capacity. It is intended that the Fund be a component fund of the Foundation. The Foundation shall have the ultimate authority and control over all property in the fund and the earnings derived from. This is all in accordance with the Articles of Incorporation, By-laws, and other governing instruments of the Foundation (as they may be amended from time to time), and the terms of this Agreement applied in a manner not inconsistent with the Articles, By-Laws, and other governing documents.
Status of the Fund. While units of a trust are equity securities similar to shares of a corporation, trusts are not governed by any corporate statutes. Therefore, unlike shares of a corporation, Unitholders will not have the statutory rights normally associated with ownership of shares, such as the right to bring “oppression” or “derivative” actions or the right to attend an annual meeting of shareholders of the corporation. The Fund is not a trust company and, accordingly, is not registered under the trust company legislation of any jurisdiction. While the Fund is a mutual fund as defined in provincial securities legislation, it does not operate in accordance with the requirements of Canadian securities regulations (such as National Instruments 81- 101, 81-102 or 81-107) applicable to public mutual funds. Units are not “deposits” for the purposes of the Canada Deposit Insurance Corporation Act (Canada) and are not insured under the provisions of that Act or any other legislation.
