A “beneficial interest in which is represented by transferable shares,” as used in RSA 77:4, III, means an interest in an organization:

1. (a) Which is a:

   1. (1) Business trust;
   2. (2) Common law trust;
   3. (3) Massachusetts trust;
   4. (4) Real estate investment trust; or
   5. (5) Homeowners or condominium association;

2. (b) Where property is placed in the hands of a trustee, who:

   1. (1) Acts apart from the beneficiaries; and
   2. (2) Manages and deals with the property, as principal, for the use and benefit of the beneficiaries who hold equitable interests; and
3. (c) Where the shares, equitable interests, and all ownership rights are freely transferable without the necessity of securing prior member approval or causing a dissolution of the organization.

Source. #4557, eff 12-28-88; ss by #5947, eff 12-29-94; ss by #6321, eff 8-22-96; ss by #8137, eff 8-10-04; ss by #9658, eff 2-24-10; ss by #9843, eff 12-23-10 (see Revision Note at chapter heading for Rev 900); ss by #10211, eff 10-24-12; renumbered by #10795 (from Rev 901.03); ss by #13433, eff 8-12-22