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timberland, cattle, investments in partnerships, a one-third
undivided interest in South Carolina real estate, residential
real estate located in Delaware and Alabama, and tangible
personal property.
The trust agreements for Schutt I and Schutt II entered into
as of March 17, 1998, were substantially identical and set forth
the governing provisions for the entities. The agreements
recited an intent to create a Delaware business trust, to be
classified as a partnership for Federal income tax purposes. The
stated purpose of the trusts was
to engage in any lawful act or activity for which
business trusts may be formed under the Act [Delaware
Business Trust Act, Del. Code Ann. tit. 12, secs. 3801-
3822], including the ownership and operation of every
type of property and business, and the Trust may
perform all acts necessary or incidental to the
furtherance of such purpose.
The trust agreements were to be governed by and interpreted in
accordance with the laws of the State of Delaware.
Decedent was named as the initial trustee, with his term to
continue until his death, resignation, or adjudged incompetence.
Charles P. Schutt, Jr., Henry I. Brown III, and Caroline S.
Brown, in that order, were designated successor trustees. If
none of the named successor trustees was able or willing to
serve, an individual resident in the State of Delaware was to be
selected by the vote of unit holders holding at least 66 percent
of the interests in the trust.
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