12 Del. C. § 3882: Beneficial interests within a range; beneficial interests held for the benefit of others.

For the purposes of this subchapter:

(1) Unless otherwise provided in an approval or exemption pursuant to § 3883(b) of this title or an approval of a control beneficial interest acquisition by the beneficial owners at a meeting held under § 3885 of this title, such approval or exemption applies to all of the beneficial interests acquired at any time within the range of voting power to which such approval or exemption applied; and

(2) A person will not be deemed to be entitled to exercise or direct the exercise of voting power with respect to beneficial interests held for the benefit of others if the person:

a. Is acting in the ordinary course of business, in good faith and not for the purpose of circumventing the provisions of this section as determined by the trustees; and

b. Is not entitled to exercise or to direct the exercise of the voting power of the beneficial interests unless the person either:

1. Obtains the instruction of another unaffiliated person; or

2. Is subject to Rule 452 of the New York Stock Exchange LLC (or any successor rule) and is in compliance with such rule.