- 6 -
17. The Trustee(s) shall have the exclusive power
to construe the meaning and intent of this Trust
Organization indenture or instrument and the
Trustee’s(s’) construction shall be conclusive, legally
binding and will govern. The Trustee’s(s’)
construction will be the same as the intention of all
parties as expressed throughout the entire indenture or
instrument.
* * * * * * *
26. This Trust Organization shall continue for a
period of seventy-five years from date, unless the
Trustees shall unanimously determine an earlier date.
The Trustees may at their discretion, because of
threatened depreciation in values, or other good and
sufficient reason, liquidate the assets, distribute and
close the Trust Organization at an earlier date
determined by them. * * *
* * * * * * *
34. Trustees may from time to time declare and
pay out of net income received by them such
distributions as they in their sole discretion deem
proper and advisable. Said distributions may be by
actual payment or by credit. Distribution by credit
means a declaration of income will be transferred to
the certificate holders via appropriate forms pursuant
to the Internal Revenue Code while the actual income
will be retained by the trust for reserves or
reinvestment. The trustees shall have the right, at
their discretion, to revoke the certificates of any
holder thereof who refuses to accept distribution by
credit and pay any tax due thereon.
The Haneys and Dahlstrom also formed a trust to be known as
Oliver & Co. The “Declaration of Charitable Remainder Trust of
Oliver & Co.” designated J&J as the grantor, the Haneys as the
trustees, and Praisesong, Inc., as the beneficiary. The grantors
purported to transfer to the trust property “described in
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