§ 37A-1-104.24. Change or conversion of unitrust amount. - North Carolina Statutes

§ 37A‑1‑104.24. Change or conversion of unitrust amount.

(a)        The terms of thegoverning instrument of an express total return unitrust may provide the methodsimilar to the method provided under G.S. 37A‑1‑104.2(a) forchanging the unitrust percentage or for converting from a unitrust to an incometrust or for a reconversion of an income trust to a unitrust, or for all ofthese actions.

(b)        If the terms of thegoverning instrument of an express total return unitrust do not specifically orby reference to G.S. 37A‑1‑104.2 grant a power to the trustee tochange the unitrust percentage or change to an income trust, the trustee shallnot have that power. (2005‑244, s. 6.)