§ 29-1201.04 — Mandatory rules.

District of Columbia § 29-1201.04

• Jurisdiction: District of Columbia
• Title 29: Business Organizations. [Enacted title]
• Ch. 12: Statutory Trusts.
• Subch. I: General Provisions.

Text

The governing instrument shall not:

(1) Vary any requirement, procedure, or other provision of this title pertaining to:

(A) Registered agents; or

(B) The Mayor, including provisions pertaining to records authorized or required to be delivered to the Mayor for filing under this title;

(2) Vary the governing law under § 29-1203.01 ;

(3) Negate the exclusion of a predominantly donative purpose under § 29-1203.03 ;

(4) Vary the provisions pertaining to series trusts in §§ 29-1204.01 , 29-1204.02(b) or (c), 29-1204.03 , and 29-1204.04(c) ;

(5) Vary the standards of conduct for trustees under § 29-1205.05 , but the governing instrument may prescribe the standards by which good faith, best interests of the statutory trust, and care that a person in a similar position would reasonably believe appropriate under similar circumstances are determined, if the standards are not manifestly unreasonable;

(6) Vary the liability under § 29-1205.06 of a trustee or other person; but the governing instrument may prescribe the standards for assessing whether the reliance was reasonable, if the standards are not manifestly unreasonable;

(7) Restrict the right of a trustee to information under § 29-1205.08 , but the governing instrument may prescribe the standards for assessing whether information is reasonably related to the trustee’s discharge of the trustee’s duties as trustee, if the standards are not manifestly unreasonable;

(8) Vary the prohibition under § 29-1205.09 of indemnification, advancement of expenses, or exoneration for conduct involving bad faith, willful misconduct, or reckless indifference;

(9) Vary the obligation of a trustee under § 29-1205.10(c) not to follow a direction that is manifestly contrary to the terms of the governing instrument or would constitute a serious breach of fiduciary duty by the trustee;

(10) Vary the provisions pertaining to the transfer of a beneficial interest and the power of the Superior Court under § 29-1206.06(b) through (d);

(11) Restrict the right of a beneficial owner to information under § 29-1206.08 , but the governing instrument may prescribe the standards for assessing whether information is reasonably related to the beneficial owner’s interest, if the standards are not manifestly unreasonable;

(12) Restrict the right of a beneficial owner to bring an action under § 29-1206.09 or 29-1206.10, but the governing instrument may subject the right to additional standards and restrictions, including a requirement that beneficial owners owning a specified amount or type of beneficial interest, including in a series trust an interest in the series, join in bringing the action, if the additional standards and restrictions are not manifestly unreasonable;

(13) Vary the right of a beneficial owner under Chapter 2 of this title to approve a merger, interest exchange, conversion, or domestication;

(14) Vary the provisions of Subchapter [subchapter] VIII of this chapter;

(15) Vary the provisions relating to foreign statutory trusts in subchapter V of Chapter 1 of this title ;

(16) Vary the miscellaneous provisions in subchapter VII of Chapter 1 of this title ;

(17) Vary the rules under § 29-1206.14 , if a statutory trust appoints a special litigation committee;

(18) Vary the provision pertaining to the duration of a statutory trust under § 29-1203.06(a) ;

(19) Vary the capacity of a statutory trust under § 29-1203.08 to sue and be sued in its own name; or

(20) Restrict the rights under this chapter of a person other than a trustee, person designated under § 29-1201.03(e)(8) and (9), or beneficial owner.

Legislative History

July 2, 2011, D.C. Law 18-378, § 2, 58 DCR 1720; Mar. 5, 2013, D.C. Law 19-210, § 2(l)(2)(C), 59 DCR 13171