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Distribution, comprising a total of one hundred units” (in
addition to “twenty-five dollars of silver” and other “good and
valuable consideration”) “personalty”, described as follows:
“MERCURY SOLAR”.11
The Mercury Solar PTO formation document recites that upon
completion of these exchanges, the Creator “shall constitute and
appoint a suitable adult” as first “Fiduciary Owner”, who may
appoint additional “Fiduciary Owners”, to constitute a “Board of
Fiduciary Owners”. The document recites that the property of
Mercury Solar PTO will then be assigned to the “Board of Fiduciary
Owners”, and the Creator will thereafter have “absolutely no
further obligation” to Mercury Solar PTO. The document recites
that the “Fiduciary Owners” will have “exclusive management and
control of the PTO’s property and business affairs without any
consent of Certificate holders” and will have the authority to,
among other things, distribute “proceeds and income in their
discretion, and according to the PTO minutes”. The document
recites that the “Fiduciary Owners” may elect or appoint managing
directors or agents to “hold funds for specific purposes”.
A document entitled “Minutes of Mercury Solar” states that
the Creator, S. Siegert, appoints J. Clark Atkinson as “Fiduciary
11 Accordingly, taking into account the 100 units referenced
in Schedule A and the 100 units referenced in Schedule B, it
would appear that HEH was allocated a total of 200 units of
Mercury Solar PTO certificates, even though the Mercury Solar PTO
formation document authorized only a total of 100 units.
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Last modified: May 25, 2011