HomeMy WebLinkAboutScan_0991
~~:~O
:.'-:
.---
~.....
-..~
--_.~-
---
--~... ~.:.:..;;-:~...-::;:..~""""'--"""~ ....._.........._~...,.____..__-...~~:L.....
~
TRU3'l'~~ TO HOLD TITLE.
6. The TruRteee shall hold tha legal title to all property at any time bolonging
to the trust, as joint tenants, and not 8S tenants in o~~n, in trust for the
benefit of all shareholders from time to time of the Assooiation, in propo~tion to
the number of shares held by eaoh, and they s~all have absolute oontrol, management
and disposition without giving bond.
AUTHORIZED SHARES.
1
6. The benefioial interests in this trust shall be divided into One hundred
(100) shares and 8S evidenoe of the ownership of said Shares the ~rustees shall
oause to be issued to eaoh shareholder a negotiable oertificate or certifioates in
such form as they may by resolution adopt.
THE SRAREHOL~S.
7. The shareholders of this Association shall have no legal right to trust
property or to any title therein, or the right to call foz a part1tition or dlvision
of the Dame, a dissolution of the trust, or an accounting, but shares hereunder shall
be personal property, giving only the rights in the instrument and oertificates
thereof speoifically set forth, oarrying only the right to a division of the
profits, and to a division of the trust funds uIon the_dissolution of the trust.
8, The death, inaolvenoy or bankruptoy of any shareholder, the transfer of his
or her interN,t by sale, gift. devise or desoent or otherwise, during the oontinu-
anoe of this trust shall not operate as a dissolution of this trust nor shall it
~ have any effeot whatever upon the A9sociation, its o~ration or mode of busi-
J...v, ...;,
ness, but this or~her heirs. assigns or representatives shall simply and only
succeed to t ~. r ight8 of the ori ginal shareholder.
NOB LIA.BI!..ITY 01 TRU3T=:&3 OR 3H.rnKHOLDE~3
'~l
9. It is hereby expressly declared that a trust, and not a partnership, is
hereby created; and neither the trustees nor the shareholiers, present or future, shall
ever be personally liable hereunder as partners or otherwise; and in every written
contract or instrument or transactlcn oreating liability. which the Trustees shall
enter intv, it shall be expressly stipulated that no shareholder shall be liable,
and refereno3 shall be made to this declaration of trust; and that no debts or
liabilities shall be created unless the funds and u80urces of the Association are
sufficient to liquidate the same.
10. Bo Trustee hereunder shall be liable in any event for the aot or omission
of his co-trustee, or any other person whatsoev~r. whether employed by suoh trustee
or not, or for anything other than his o~n personal breach of trust.
BOTICE OF TRU.iT RELATION.
.11. The orders, requisitions, bill-heads ani stationary used by said Trustees
shall have-printed thereon the following in substance: "Operating UDier a deolara-
tion of Trusi".
TRU3T l'ROBRTY LIABLE,
]
12. The Trust fund, and property of this Assooiation shall stand ptimarily
oharged with the burdens of thB payment of all olaims, demands against and
liabilities of thB Assooiation.
PURPOSES MiD POWER3 OF TRU3T.
13. The Trufttees are authorized in the name of the Assooiation to engage in
the business .of,
:..-.:.:: i ~c:. ~..:' ~ -'.-~-<'.;:''''~.::. -.'.~:-:,'-
.' ......- ...-- '.~~~- --.. ." '.- -',
~~ '-'--~'--T __~.. .~~~~~~~~_:f ~".~_~~_~:-~_'~..~~-
. ~ ~~:;+.:~~:.~::.~~:.\-:
. '-. -//'~'. '.~~I~'~---~-~--~~~~--:~~'~'