- 5 - TO PROVIDE for the administration of the assets by natural or corporate persons acting in a fiduciary capacity to preserve, conserve, maintain, invest, and develop the assets for the benefit of the certificate holders and in a manner designated in this instrument. The declaration of trust states that the certificates of interest of the trust are divided into 100 units or parts, and it describes the certificates of interest as follows: CERTIFICATES OF INTEREST THE CERTIFICATES of interest of this trust, as a convenience and for purposes of distributions, are divided into one hundred (100) units or parts thereof. They are non-assessable, non-taxable and non-negotiable. No certificate holder may transfer any unit of interest to anyone else, without the approval of at least one other certificate holder of the trust other than the person to whom the units of interest are being transferred. When a transfer of units of interest is made by a sole certificate holder, or one of only two certificate holders to the other certificate holder, the transfer must be approved by an independent trustee. Ownership of a certificate, and the units represented thereby, shall not entitle the holder to any legal title in or to the trust property, nor any say or power in the management thereof. NO INTEREST of any certificate holder shall be subject to or liable for attachment, execution, or other processes of law. No certificate holder shall have the right to encumber, hypothecate, or alienate his interest in this trust in any manner, without the written approval of an adverse party.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011