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HomeMy WebLinkAbout1092 The Trusteesshall make distributions of portions of the proceeds and income derived from the Trust assets as, in their sole discretion and in accordance with the minutes of said Board of Trustees. The Trustees shall make periodic reports of their business, transactions and upon the termination and subsequent liquidation of the Trust a report shall be rendered covering the condition of the distribution of the Trust assets to the holders of any shares of Bene- ficial Interest, is herein provided. The Trustees shall at all times administer the Trust (Estate) in good faith and in strict conformity hereto. III 1. Trustees shall not be less than two in number, but for practical reasons beneficial to the administration of the Trust (Estate) may be in- creased to as many as may be deemed necessary by appropriate action of the existing Board of Trustees. The Trustees named herein, or their successors, as elected to fill vacancies, shall hold office, have and exercise collectively their sole and exclusive management and control of the Trust property and business affairs. 2.. A Trustee may resign at his or her discretion or be removed from office by a resolution of unanimous concurrence of the remaining Trustees when. in their opinion, said Trustee shall have been guilty of fraud, theft, malfeasance in office, gross neglect of duty, or for cause by the mandate of court having competent jurisdiction in such matters. In the Brent of the death, removal from office, or resignation, it is provided that the remaining Trustee shall appoint and elect a suc- cessor trustee by unanimous concurrence. Should an objection be filed to the appointment of the Successor Trustee named the same shall be indicated in the minutes of the Board of Trustees and such objection shall deprive the candidate from accepting the position of Trustee hereunder. Should the entire Board of Trustees become vacant, a court of equity may appoint one Trustee, according to the order of successors of new trustees, as re- corded in the minutes of the Board of Trustees, who shall in turn appoint the additional trustees according to said Board of Trustees minutes. (a) The signing and acknowledging of this Agreement by the herein .appointed Trustees, or the signing and acknowledging of the appropriate minutes by the Trustees subsequently appointed or elected, shall con- stitute their acceptance of this Trust. The Trust property assets and emoluments thereof shall immediately vest in the new Trustee or Trustees without any further action or conveyance and without the consent or permission of any holders of shares of Beneficial Interest or the Grantor or Transferor hereto. 4. The Trustees may, by a regular act, provide for meeting at stated intervals without notice and special meetings may be called at any time by two or more Trustees upon three days written notice, which may be waived by unanimous content of all the Trustees. A majority of the Trustees shall constitute a quorum for conducting business at any regular meeting or special meeting, provided however, that affirmative action may only be had upon a majority vote of all Trustees. whether present or absent, except that at special meetings called for a specific purpose the majority present may act affirmatively in emergency matters. The Trustees are enpowered to deal with and manage the assets of this Trust in any manner they determine is in the best interests of the Trust, and in keeping with proper and prudent business judgment, subject ~ however to any restrictions set forth in this Trust Agreement. It'shall be the stated intent and purpose of the Trustees to conserve and improve the assets and property made part of this Trust (Estate). ~`vidence that such i actions taken in the management of the Trust assets and property, are with- in the authority and power of the Trustees, shall be evidenced by proper and appropriate resolutions made a part of the minutes of the Board of Trustees authorizing what they are to do and what they have done. All ~ funds paid into the treasury are a part of and shall become TRUST CORPUS. Z IV THE TRUSTEES OF THIS TRUST hold it to be their declared purpose to accept the rights, title and interest in and to real and personal property. whether tangible or intangible, conveyed by the Grantor and the Creator thereof, to be the Corpus of this Trust and to manage said Corpus according to the terms and conditions of this Indenture so that Marion S. Hoeflich can exercise her Constitutional Rights to contract in the pursuit of her happiness; the maximizing of her lifetime efforts; the protection of her family in order to promote the general welfare and achieve her Life Purposes according to her Religious beliefs which sustain this Trust. 'r 3 ° k 3U6 -A~F1091 - s_