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I2. To establish out of income and credit to principal reason-
~
able reserves for depreciation, obsolescence and depletion;
13. To elect, pursuant to the terms of any employee benefit
plan, individual retirement plan or insnrance contract, the mode of
distribution of the proceeds thereof, and no adjustment shall be made in the
interest of the beneficiaries to compensate for the effect of the election;
and
14. To perform other acts necessary or appropriate for the ,
proper administration of the Trust, execute and deliver necessary instruments
and give full receipts and discharges.
F. So long as the Settlor is alive and not adjudicated incompe-
tent, he shall have sole responsibility for the character of the investments
held in th~ Trust and, by notice in writing to the Trustee, shall direct the
Trustee as t~ retention, disposition, investment, or other administration of
the assets held in the Trust, and the Trustee shall abide by such directions '
and shall execute all documents which may be required to effectuate them, in-
cluding, without limitation, proxies, subscriptions and documents of sale, ac-
quisitions or exchange; provided, however, that if the Trustee fails to
receive from the Settlor timely instructions as to a particular matter, such
as the exercise of rights to acquire additional securities, sufficiently in
advance of the time on which a right or privilege wi21 expire, the Trustee
may, but shall have no duty, to take such action as he deems best with respect
to said matter.
G. The Standby Corporate Trustes, during such time as the Settlor
is alive and managing the Trust, shall have no duty to acquaint itself with
the circumstances involving any investments held by it, or to review periodi-
cally any such investments, or to make any recommendation to the Settlor with
regard to any investments, or to call to the attention of any judicial body or
any person matters relating to the administration of the investments of the
Trust; and for a11 actions taken or omitted to be taken in accordance with the
directions of the Settlor and for its omission to take any action in the
absence of such directions, the Standby Corporate Trustee shall have no
SCOTT & FOGT
,_,oQyE~S~TUw responsibility or liability to the Settlor or to any other person at any time
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