Common use of Statutory Trust Only Clause in Contracts

Statutory Trust Only. It is the intention of the Trustees to create only the relationship of a trust and an owner of shares of beneficial interest of a Maryland statutory trust (subject to the terms of this Declaration) between the Trust and each Shareholder from time to time. It is not the intention of the Trustees to create a general partnership, limited partnership, joint stock association, corporation, bailment or any form of legal relationship other than a statutory trust (but nothing herein shall preclude the Trust from being treated for tax purposes as an association under the Code). Nothing in this Declaration shall be construed to make the Shareholders, either by themselves or with the Trustees, partners or members of a joint stock association.