§ 23-5-1-8 — Powers; construction of instruments; terms and conditions; binding effect

The power and authority of any business trust
authorized under this chapter to transact business in this state shall be
as specified in the instrument by which it was created as amended,
including but not limited to general grants of power to act and
limitations upon individual liability of stockholders, which instrument
shall be construed and interpreted in accordance with the common and
statutory law applicable to business trusts. Any such trust shall have the
right to sue and be sued and if incidental to its purposes the right in its
own name, or in the name of the person or persons or corporation or
corporations who are from time to time its trustee or trustees, to
acquire, hold title to, mortgage, sell, convey, lease, operate, invest in,
lend on the security of, and otherwise deal in or with real and personal
property; provided, that no business trust shall engage in the business
of operating a savings association or credit union or have the power or
authority to conduct a banking, railroad, insurance, surety, safe deposit,
mortgage guaranty, or building and loan business, or in the business of
mining or manufacturing, or in any business regulated under the utility
regulatory commission, or take any action which is in violation of this
chapter. Subject to the limitations in this section on power and
authority, any person dealing with a business trust authorized under
this chapter to transact business in this state shall be bound by the
terms and conditions of the instrument by which the trust was created
and by any amendments thereto which have been filed and recorded in
compliance with section 7 of this chapter.
Formerly: Acts 1963, c.353, s.8. As amended by P.L.34-1987,
SEC.329; P.L.23-1988, SEC.112; P.L.79-1998, SEC.23.