- 6 -
certificate holder hereunder dies, becomes insolvent or is
placed under any legal incapacity before the termination of
this trust, his shares shall become null and void and shall
immediately revert to the Board of Trustees, who shall
thereupon name a replacement beneficiary or beneficiaries
and issue a new certificate or certificates as provided in
this Declaration.
ARTICLE IV. BOARD OF TRUSTEES
SECTION 1. The business and property of the business
trust shall be managed by Board of Trustees, who shall be
the persons named in the Declaration of Trust, who shall
serve until their successors are duly qualified. In the
event of the death, incapacity, resignation or retirement of
any Trustee, a successor Trustee shall be appointed by the
remaining Trustee or Trustees.
* * * * * * *
SECTION 3. The Trustees shall hold, in the trust name,
legal and equitable title to all property, real and
personal, and shall have absolute and exclusive power and
control over the management and conduct of the business of
the trust free from any right of control of any of the
certificate holders. The Trustees may hold, manage and
dispose of the property and business of the trust in the
same manner as if they were absolute proprietors thereof,
subject only to the specific limitations herein contained.
The Trustees shall have the power, without limitation, to
purchase or otherwise acquire property, and to sell,
exchange, lease, mortgage, pledge or in any manner dispose,
encumber, improve or deal with the property of the trust,
real or personal, or any part thereof, or any interest
therein, on such terms and for such consideration as they
deem proper. * * *
The Declaration of Trust, as well as various minutes for the
board meetings of its trustees, bears the signatures of Cheryl A.
Foshaug, president of Armageddon, and Marti Inman, president of
Parnell. Neither Foshaug nor Inman has ever met petitioners or
heard of Hillside Farm. Neither ever managed Hillside Farm.
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 Next
Last modified: May 25, 2011