Delaware § 3882 Related acquisitions; beneficial interests held for the benefit of others

Delaware Statutes

§ 3882 — Related acquisitions; beneficial interests held for the benefit of others

Delaware·Title 12·Part Fiduciary Relations·Ch. 38 TREATMENT OF DELAWARE STATUTORY TRUSTS·Subch. Control Beneficial Interest Acquisitions

For the purposes of this subchapter:

(1)Beneficial interests acquired within 90 days or beneficial interests acquired in a series of related transactions are considered to have been acquired in the same acquisition including for purposes of approvals or exemptions pursuant to § 3883(b) of this title or approval of a control beneficial interest acquisition by beneficial owners pursuant to § 3885 of this title; and

(2)A person will not be deemed to be entitled to exercise or direct the exercise of voting power with respect to beneficial interests held for the benefit of others if the person: a. Is acting in the ordinary course of business, in good faith and not for the purpose of circumventing the provisions of this section as determined by the trustees; and b. Is not entitled to exerc

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For the purposes of this subchapter:

(1) Beneficial interests acquired within 90 days or beneficial interests acquired in a series of related transactions are considered to have been acquired in the same acquisition including for purposes of approvals or exemptions pursuant to § 3883(b) of this title or approval of a control beneficial interest acquisition by beneficial owners pursuant to § 3885 of this title; and

(2) A person will not be deemed to be entitled to exercise or direct the exercise of voting power with respect to beneficial interests held for the benefit of others if the person:

a. Is acting in the ordinary course of business, in good faith and not for the purpose of circumventing the provisions of this section as determined by the trustees; and

b. Is not entitled to exercise or to direct the exercise of the voting power of the beneficial interests unless the person either:

1. Obtains the instruction of another unaffiliated person; or 2. Is subject to Rule 452 of the New York Stock Exchange LLC (or any successor rule) and has complied with such rule.

2. Is subject to Rule 452 of the New York Stock Exchange LLC (or any successor rule) and has complied with such rule.

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