Common use of Units held Jointly or in Fiduciary Capacity Clause in Contracts

Units held Jointly or in Fiduciary Capacity. The Trust may treat two or more persons holding any Unit as joint owners of the entire interest therein unless the ownership is expressly otherwise recorded on the Register of the Trust, but no entry shall be made in the Register or on any certificate that any person is in any other manner entitled to any future, limited or contingent interest in any Unit; provided, however, that any person recorded in the Register as a Unitholder may, subject to the provisions herein contained, be described in the Register or on any certificate as a fiduciary of any kind and any customary words may be added to the description of the holder to identify the nature of such fiduciary relationship.

Appears in 4 contracts

Samples: Contract of Trust, Contract of Trust, Contract of Trust

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Units held Jointly or in Fiduciary Capacity. The Trust may treat two or more persons holding any Unit as joint owners tenants of the entire interest therein unless the ownership is expressly otherwise recorded on in the Register of the TrustRegister, but no entry shall be made in the Register or on any certificate that any person is in any other manner entitled to any future, limited or contingent interest in any Unit; provided, however, that any person recorded in the Register as a Unitholder may, subject to the provisions herein contained, be described in the Register or on any certificate as a fiduciary of any kind and any customary words may be added to the description of the holder to identify the nature of such fiduciary relationship.

Appears in 1 contract

Samples: Contract of Trust

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