Common use of Statutory Trust Only Clause in Contracts

Statutory Trust Only. It is the intention of the Trustees to create hereby a statutory trust pursuant to the DSTA, and thereby to create the relationship of trustee and beneficial owner within the meaning of the DSTA between, respectively, the Trustees and each Shareholder. It is not the intention of the Trustees to create a general or limited partnership, limited liability company, joint stock association, corporation, bailment, or any form of legal relationship other than a statutory trust pursuant to the DSTA, except to the extent such trust (or any Series and Class thereof) is deemed to constitute a partnership or an association taxable as a corporation under the Code and applicable by-laws. Nothing in this Declaration of Trust shall be construed to make the Shareholders, either by themselves or with the Trustees, partners or members of a joint stock association, except to the extent such trust (or Series and Class thereof) is deemed to constitute a partnership or an association taxable as a corporation under the Code and applicable state tax laws. Nothing in this Declaration of Trust shall be construed to make the Shareholders, either by themselves or with the Trustees, partners or members of a joint stock association except to the extent such Shareholders are deemed to be partners or shareholders under the Code and applicable state tax laws.

Statutory Trust Only. It is the intention of the Trustees to create hereby a statutory trust pursuant to the DSTA, and thereby to create the relationship of trustee and beneficial owner within the meaning of the DSTA between, respectively, the Trustees and each Shareholder. It is not the intention of the Trustees to create a general or limited partnership, limited liability company, joint stock association, corporation, bailment, or any form of legal relationship other than a statutory trust pursuant to the DSTA, except to the extent such trust (or any Series and Class thereof) is deemed to constitute a partnership or an association taxable as a corporation under the Code and applicable by-laws. Nothing in this Declaration of Trust shall be construed to make the Shareholders, either by themselves or with the Trustees, partners or members of a joint stock association, except to the extent such trust (or Series and Class thereof) is deemed to constitute a partnership or an association taxable as a corporation under the Code and applicable state tax laws. Nothing in this Declaration of Trust shall be construed to make the Shareholders, either by themselves or with the Trustees, partners or members of a joint stock association except to the extent such Shareholders are deemed to be partners or shareholders under the Code and applicable state tax laws. [THE REMAINDER OF THIS PAGE HAS BEEN INTENTIONALLY LEFT BLANK.]