91-9-301 - Definitions.
§ 91-9-301. Definitions.
When used in this article, the following words and phrases shall have the meanings ascribed to them hereby:
(a) Trusts. For the purposes of this article, the term "trust" shall be limited to express or implied trusts created for educational, charitable, or religious purposes where all or a substantial part of the corpus thereof shall have been contributed by the local beneficiaries (as hereinafter defined), or by their predecessor beneficiaries; and where said corpus shall consist of real or personal property situated within the State of Mississippi. This article shall have no application to private trusts, either express or implied; to trusts administered by any public governmental authority; or to trusts for educational, charitable, or religious purposes where all or a substantial portion of the corpus shall not have been contributed by the local beneficiaries thereof, or by their predecessor beneficiaries.
(b) Local beneficiaries. For purposes of this article, the term "local beneficiaries" shall mean those persons residing within the State of Mississippi who shall have contributed (or whose predecessor beneficiaries shall have contributed) all or a substantial part of the corpus of the trust, as above defined, and who shall locally, immediately, and directly enjoy the benefits of such trust.
(c) Majority of beneficiaries. For purposes of this article, the term "majority of beneficiaries" shall be defined as sixty-six and two-thirds per cent (662/3) of the adult local beneficiaries residing within the State of Mississippi and enjoying locally and immediately and directly the benefits of such trust.
Sources: Codes, 1942, § 1273-01; Laws, 1960, ch. 221, § 1, eff from and after passage (approved March 31, 1960).