HomeMy WebLinkAbout1093 TO ~tiIT:
whereas the Life Purpose is to sustain, protect and improve this
Trust estate for the holders of the shares of Beneficial Interest: to possess
the things of this life sufficient to provide growth, health. protection,
education. refinement, recreation, welfare, expansion, preservation and
continuity it is believed that to fail to plan for such things will certainly
cause failure of the estate purposes. Therefore. it is proposed, to use
the Family Preservation Trust as a plan for the achievement of a Life Pur-
pose sustained by a Moral Belief that man is under a great Universal
Spirit to replenish the earth and subdue it and have dominion over every ,
other non-human living thing that moveth upon the face of the earth.
Thus it is a Moral Belief that all of marilcind is under a Divine Mandate
to establish and care for an estate for personal survival.
V
1. At their discretion, the Trustees. may elect from among their
members a President. Secretary and Treasurer, or any such other officers
as they may deem expedient for proper functioning and administration of
this Trust. Their duties shall be such as are usually associated with the
titles of such officers or as may be prescribed by the Trustees. Any
Trustee may hold two or more offices simultaneously. The Trustees may
employ such executives. assistants. agents or employees as they deem
appropriate and necessary to the proper management of this Trust. The
Trustees may also designate third parties to hold Trust funds for specific
purposes necessary to the business of the Trust. '
2. Compensation of all officers, employees and/or agents shall
be fixed and paid at the direction and discretion of the Trustees. As
may be determined by a majority vote of the Board of Trustees. the Trustees
may pay themselves reasonable compensation for their survices as Trustees.
The Trustees are empowered to pay all debts, bills and other obligations
necessary to the maintenance and operation of the Trust and its assets.
It is further authorized that Trustees, officers, employees and agents.
shall have their expenses paid. while on or engaged in Trust business.
Through appropriate resolutions, made a part of the minutes of the Board
of Trustees. they may authorize Trust expenditures for whatever purpose
they deem beneficial to and in the best interests of the Trust. If the
Grantor or Transferor hereunder shall serve as a Trustee herein and shall
be eligible to receive compensation for such services, such compensation
shall not_be authorized or paid without the express approval of an
adverse party Trustee.
Funds accruing in the Treasury of the Trust shall constitute the
operating funds of the Trust. The Trustees, by a majority consent as
recorded in the minutes of the Board of Trustees, may authorize the
liquidation of various assets for the purpose of adding to said operating
funds. Upon written consent of a majority of the Board of Trustees, as
they may deem it necessary, the Trust may provide itself with operating
funds through commercial loans directly secured by assets or income of
the Trust.
(a) No funds of the Trust shall be accumulated for or distributed
to the Grantor or any Transferror or any spouse of the aforementioned
as holders of shares of Beneficial Interest, with-out the approval
of an adverse party Trustee.
(b) No funds of the Trust shall be disbursed to satisfy any legal
obligation of the Grantor or any Transferor or any spouse of the `
aforementioned. without the approval of an adverse party Trustee.
(c) The following powers and financial trans-actions for the
benefit of the Grantor or any Transferor or spouse of the aforemen-
~ tinned are specifically prohibited without the specific approval of
an adverse party Trustee.. '
s
(1) borrowing Trust funds without adequate consideration or
interest.
(2) investing Trust funds in controlled corporations..
(3) substituting Trust funds in controlled corporations.
(4) voting of securities in controlled corporations.
(5) being beneficiaries of or insuring the life of the Grantor
or any Transferor or spouse of the aforementioned.
VI ~
Only such authority as awarded herein is possessed by the Trustees,
officers. employees or agents of the Trust. The authority is understood
and defined to mean that it shall be similar to that awarded by a Testator
to the Executor of an estate as illustrated by the following common
direction given such Executors, to wit: "That my Executor is directed
to handle the estate in the manner he determines to be in the best interests
of my estate, limited by the terms thereof, without the necessity of
E resorting to the Courts for permission or approval of any transaction,
intending herein to leave open for the Court only the question of con-
scientious dealings of my Executor."
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