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HomeMy WebLinkAbout1094 VII 1. Notice is hereby given to all persons and legal entities ex- tending credit to, contracting with or having claims against the Trust. that the Trustees are not personally liable when dealing with Trust assets, .property or other matters, and such persons as legal. entities must look for settlement of any and all debts, torts, damages, judgments or decrees or for any indebtedness, which shall become payable hereunder, to the Trust and its assets only. No Trustee shall be liable for the act or omission of another Trustee, or ~Y other person whosoever, whether employed by such Trustee or not, or for anything other than his own personal breach of Trust. The Trustees. in the capacity of Trustees and not as individuals, shall only assume or incur such liability as shall attach to such Trust property assets. This Trustee liability shall not in .any manner jeopardize their individual or their personal holdings and they shall not be reimbursed from Trust funds or property for any personal actions or losses they suffer for any reason through their services to the Trust. Trustees shall serve without fidelity bond. THE LIMITED LIABILITY PARAGRAPH ABOVE SHALL APPEAR IN L'VERY~CONTRACT OR AGREEMENT WHICH THE BOARD OF TRUSTEES OR THEIR AUTHORIZED RE- PRESENTATIVES ENTER INTO ON BEHALF OF THIS TRUST ESTATE. 2. It is expressly declared that a Trust and not a partnership, association or corporation is hereby created and that neither the Trustees, officers, holders of shares of Beneficial Interest, present or future, have or possess any personal ownership or right, title or interest in the property or assets of the Trust, nor shall they be personally liable here- under. in any manner= that no Trustee shall be liable for the act or omission of another Trustee or any other person, whatsoever, whether employed by the Trustee or not or for anything other than his own personal breach of Trust. VIII 1. The Beneficial Interests, only as a convenience for distribution, are divided into 200 shares, issued in certificate form. Such shares of Beneficial Interest are non-assignable, non-taxable, non-negotiable, but are transferrable only with the approval of a majority of the Trustees. Any transfer of shares of Beneficial Interest held by the Grantor herein or any Transferor or the spouse of the aforementioned person shall be approved by a majority of the Board of Trustees. one of whom must be an adverse party Trustee and such~approval.for transfer shall exclude the vote of the Grantor herein. The lawful owner of such shares of Beneficial Interest may cause his shares to be registered with the Secretary of the Trustees if he so desires. Upon the death of a holder of shares of Bene- ficial Interest such shares shall become null and void. 2. The Board of Trustees shall transfer or replace any shares of Beneficial Interest held by any party to validate the Trust estate with adverse party Trusteeship only until the resignation or death of the Grantor. The Trustees, during that period of majority consent, but excluding any Grantor vote, shall validate the next adverse party by issuing the required certificate (s) of Beneficial Interest. ~ Nothing contained herein shall be construed to authorize the Trust estate to issue shares of Beneficial Interest for a nominal value at vari- ante with the provisions hereof-, not in excess of the number of shares of ~ Beneficial Interest herein provided. 4. Said shares of Beneficial Interest entitle the holders to a pro rata share of the Trust Corpus upon the termination and subsequent liquid- ation of the Trust assets and a pro rata share of any distribution of in- come by the Trustees, at their sole and absolute discretion. Death, in- solvency or bankruptcy of any holder of shares of Beneficial Interests, or the transfer of his shares by gift, divide, bequest or descent, shall not 3 operate as a dissolution of this Trust nor shall it in any manner effect the Trust or its operation or manner or mode of business. Ownership of shares of Beneficial Interest shall not entitle the holder to any legal title in or to the Trust property, nor any undivided interest therein, nor in the management thereof, nor any. accounting thereof, nor shall the death of the holder of any shares of Beneficial Interest entitle his heirs or legal representatives to demand any partition or division of the pro- perty of the Trust, nor any special accounting, but said Successor may succeed to the same distributional interest upon the surrender of the shares of Beneficial Interest as held by the previous owner for the purpose of reissue of the shares of Beneficial Interest to the new lawful holder or owner. r ~,,~x 306 'I'•;;i 1093 4 _