HomeMy WebLinkAbout2168 ' .
. i
~ +
~
:
~
{
pledge of any personal property held by Trustee hereunder, and to execute ~
mortgages or pledge agreements therefor. ~
(e) To hold any property or securities originally received by ;
Trustee as a part of said trust estate so long as Trus:ee shall consider ~
the retention thereof for the best interest of said trust estate, irrespective '
of whether such property or securities are a so-called "legal invest:nent
of trust funds" under the constitution or law of any state or rule of any
court, without liability for depreciation or loss through error of judgment. !
. and in disposing of any property constitu:ing a part of said Yrust estate to
acquire other property which is not_ a so-called "legal investment of trust ~
funds" under the .constitution or law of any state or rule of any court, wY~.ere .
such course is, in the ?rustee's opinior., for the best interest of said `
trust estate; provided that Trustee shall not retain, beyond a reasonable ~
time, any property which shall become unproductive nor shall Trustee in- }
vest in unproductive property. .
~
(f~ To determine whether any r;.oney o: property coming into ;
Trustee's hands shall be treated as a part oi the priticipal of said trust :
estate or a part of the income therefrom, to apportion between such prin- ~
cipal and income any loss or expenditure in connection with said trust ~
estate as to Trustee may seem just and equitable, and to set up reserves
out of income to meet such items of depreciation, obsolescence, future ~
repairs or construction, or amortization of indebtedness deemed by
Trustee to be a proper charge against income. t~
(g) To keep any property constituting a part of said trust estate ,
properly insured against fire ~and storm, to pay all t~es or assessments, E'
mortgages or other liens now or hereafter resting upon said property, and, ;
' generally, to pay all of the expenses of Trustee incurred in the exercise of ~
i the powers herein vested in it which; in Trustee's judgment, may be ~
proper or necessary. ;
( '
~ i
(h) ~ Tn making any division of the trust property into shares for ~
~ the purpose of any distribution thereof directed by the provisions of this j
. agreement, it shall be proper for the Trustee to make such division or ;
distribution, either in cash or in kind, or partly in cash and partly in kind, i~
as the Trustee shall deem most expedient, and in making any division or
distribution in kind the Trustee may allot any specific security or property ~
or any undivided interest therein to any one or more of such shares, and ;
to that end may appraise any or all of the property so to be allotted, and !
~ the Trustee's judgment as to the propriety of such allotment and as to the j
~ T'P.~a,~1VP value f~r nurnoses of distribution of the securities of property so ~
~ allotted shall be final and conclusive upon all persons interested in this
7
~ trust, or in the division or distribution thereof.. .
~ i To hold an or all securities or other property in bearer form,
Y
~ in the name of Trustee, or in the name of a nominee, without disclosing ar.y
_ fiduciary relation. ~
t~' (j) To vote in person or by proxy all corporate securities of any
~ kind held for the trust estate, to unite with other owners of similar proper~y
in carrying out any plan for the reorganization of any corporation or com-
4; pany whose securities form a portion of the trust estate, to exchange the
securities of any corporation for other securities, upon such terms as
Trustee shall deem proper, to assent to the consolidation or merger o.` any
such corporation, to assent, and vote for, the sale, mortgage or lease,
~ ~
~
~ ~ ~ Q
_ 3 800K 1U~ PAGE ~1~
~-w •
~ .
~
~
~
_ _ . - , . . f_