§ 2-b. Limited liability trust companies; definitions. When the\nprovisions of this chapter are applied to the formation and operation of\na limited liability trust company references to:\n 1. "Board of directors" shall include the managers charged with the\nmanagement of a limited liability trust company as set forth in its\narticles of organization.\n 2. "By-laws" shall include the operating agreement of a limited\nliability trust company.\n 3. "Capital stock" shall include the cash and property the members of\na limited liability trust company have contributed to the company, but\nshall not include promissory notes or other obligations to contribute\ncash or property or to perform future services.\n 4. "Corporation" shall include an unincorporated trust company formed\nas a limite
Free access — add to your briefcase to read the full text and ask questions with AI
§ 2-b. Limited liability trust companies; definitions. When the\nprovisions of this chapter are applied to the formation and operation of\na limited liability trust company references to:\n 1. "Board of directors" shall include the managers charged with the\nmanagement of a limited liability trust company as set forth in its\narticles of organization.\n 2. "By-laws" shall include the operating agreement of a limited\nliability trust company.\n 3. "Capital stock" shall include the cash and property the members of\na limited liability trust company have contributed to the company, but\nshall not include promissory notes or other obligations to contribute\ncash or property or to perform future services.\n 4. "Corporation" shall include an unincorporated trust company formed\nas a limited liability trust company pursuant to the provisions of\narticle three of this chapter.\n 5. "Director" shall include one of the managers charged with the\nmanagement of a limited liability trust company as set forth in its\narticles of organization.\n 6. "Dividend" shall include the distribution of a limited liability\ntrust company's cash or other assets to its members.\n 7. "Incorporator" shall include the person or persons who is or are\nthe organizer or organizers of a limited liability trust company.\n 8. "Organization certificate" shall include the articles of\norganization of a limited liability trust company.\n 9. "Share" shall include the equity interest of a member of a limited\nliability trust company as set forth in the company's articles of\norganization or, in the absence of such a provision, the equity interest\nrepresented by a member's right to a proportionate share of the profits\nof the company.\n 10. "Stock" shall include the equity interest represented by the\npercentage of the total votes a member may cast as set forth in the\narticles of organization of a limited liability trust company or, in the\nabsence of such a provision, the equity interest represented by a\nmember's right to a proportionate share of the profits of the company.\n 11. "Stockholder" shall include a member of a limited liability trust\ncompany who has an equity interest represented by his, her, or its right\nto a proportionate share of the profits or capital of the company.\n 12. "Voting stock" shall include the definition of stock as set forth\nin this section.\n