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HomeMy WebLinkAbout0365 r ~ . 4tl'r l~A,.} 319 or continue imto partnership agreemente or articles of partaership with #t3~ such person as they sh$11 ~com time to time deem advisable, including membera of partaerahipa of which I may be a member at the time of my death. They shall have full power ~nd authority to organize a corporation and to accept stock or securities thereof ~n exchange for the as~ets of the business. 10. The Truateea shall have full power to execute oil and gas leases, operating agreements, pooling and commutizing agreemeats, division orders, transfer orders and any and all other instruments which, in their opinion, are necessary or beneficial for the developmerrt and operation of any properties of the trust estatea consiating of interests in oil or gas. il. The individual Trustees or Trustee hereunder, subject to the speci$c limitations containE3 within the provisions of any of the foregoing trusta, ahall have the right either to purchase any of the asaets of the trust es- tates or sell assets to the trust estates at public or private sale, provided such sales or purchases are at the fair market value of such property. 12. In addition to the powers and immunities granted to the Trustees by this Trust Agreement, they have those which are or may be granted to Trustees by the statutes of Oklahoma, provided that they shall not in any event be liable to any person whatever save only for their own gross negli- gence or wilful default. I3. The Trusteea may combine or consolidate the trust estates created . herein with trust estates created by my wife, Christine W. Hitch. 14. The Trustees shall have power to accumulate reasonable reserves from time to time out of income from which they ahall be authorized to pay taxea, repaira, premiums on life insurance owned by the trugt estates, to create reaerves for stabilizing income payments, and for all other pur- poses deemed desirable for the trust estates. ~ 15. The Trustees, in making distributiona, shall have the power to deter- ~ mine, without court action, relationships, heirships ar~d other facts, in- cluding datea of marriages, birth and death, without liability for error in the absence of bad faith. ' ARTICLE VI Tax Provision The trust estates here created shall not be charged with the payment of any Federal estate taxes, or any inheritance taxes, upon Trustor's death except to the extent that the other a8sets in Trustor's estate (excluding any assets which may be exempted from the payment of such taxes by the Last Will and Teatament of Trustor), shall be insufficient to diacharge such taxes. The Trustees may rely concluaively upon written advice from the Executor or Executors of Truator's estate, or upon any other evidence, as to existence - - - ~ . Page 9 ~ 3 , ~ I ; . ~ BORK ~.74 p~E 365 ~ ~t~ 243 .