03. Permissible purposes. (a) Except as otherwise provided in subsection (b) of this section, a statutory trust may be formed for and may have any lawful purpose, regardless of whether for profit. (b) A statutory trust may not have a predominantly donative purpose. (July 2, 2011, D.C. Law 18-378, § 2, 58 DCR 1720; Mar. 5, 2013, D.C. Law 19-210, § 2(l)(4)(C), 59 DCR 13171.) Section References This section is referenced in § 29-1201.04. Effect of Amendments The 2013 amendment by D.C. Law 19-210 added 'regardless of whether for profit' at the end of (a); and substituted 'may' for 'shall' in (b). Editor's Notes Uniform Law: This section is based on § 303 of the Uniform Statutory Trust Entity Act. Application of Law 19-210: Section 7 of D.C. Law 19-210 provided that the act shall apply as of January 1, 2012.
District of Columbia Legal Code