manager of an organization; and (6) exercise any power or privilege as necessary or appropriate to the conduct, promotion, or attainment of the business, purposes, or activities of the series. A series may (but is not required) to have its own bank account. A series can (and should) operate under its own assumed name. Additionally, BOC Section 1.201(b)(27) has been amended to include a series within the definition of a legal “person.” Given all of these characteristics, declaring that a series is not technically a stand-alone legal entity may be a distinction without a difference, at least most of the time. Notwithstanding the foregoing, BOC Section 101.622 states that a “protected series or registered series has the rights, powers, and duties provided by this subchapter to the protected series or registered series but is not a separate domestic entity or organization .”
cxvii
Powered by FlippingBook