-9-
relating to buying, selling, leasing, exchanging,
mortgaging, or pledging property held in such trust,
and participation in incorporations, reorganizations,
consolidations, liquidations, or mergers, only upon the
written direction of the advisor of such trust or of
the Committee, as the case may be.
* * * * * * *
Notwithstanding the previous provisions of this
Article, if at any time during the administration of
any trust hereunder, the advisor or Committee fail to
communicate in writing to Trustee any direction or
disapproval with respect to Trustee’s exercise of any
power requiring the direction of the advisor or
Committee within fifteen (15) days after trustee has
sent a written request for such direction to the
advisor’s or Committee members’ last known address by
registered or certified mail (but Trustee shall not be
required to take the initiative to seek any such
direction), then Trustee is authorized to take such
action in the matter as it, in its sole discretion,
deems appropriate.
The will further directed that the direction adviser and
Committee members exercise their functions in a fiduciary
capacity.
Trust 11258-3
As previously indicated, Mrs. Schutt’s death was also
significant with respect to the structure of a second trust
directly relevant to the factual background of this proceeding.
On January 16, 1976, Mrs. Schutt had established a revocable
trust, which was subsequently amended by supplemental trust
agreements dated April 9, 1976, June 6, 1979, December 30, 1982,
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