- 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 inPage: 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