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addition, the amendment contained a clause entitled “SPECIFIC
INVESTMENT”, which provided that “I have or shall invest or
direct investments of the assets subject to this trust in the
Gore Family Limited Partnership.” The amendment appointed Ms.
Powell trustee.
The Pamela Powell and Michael Gore Trust Declarations
The Pamela Powell and Michael Gore Trust declarations
contained substantially identical provisions. Under their
respective trust declarations, Ms. Powell and Mr. Gore were
entitled during their lives to receive income from their trusts
and such amounts of principal as they requested. The
declarations named the Trust Company of Oklahoma (TCO) trustee of
the trusts. The declarations directed TCO to distribute trust
principal as necessary for the health, education, and maintenance
of Ms. Powell, Mr. Gore, and any of their descendants but limited
the total principal distributions that could be made from each
trust to $100,000 in any year. In addition, the declarations
contained a clause entitled “SPECIFIC INVESTMENT”, which provided
as follows:
Subject to the approval of the general partners, the
Trustee is directed to invest the initial investment of
$500 as a limited partner in the Gore Family Limited
Partnership * * * It is my intention to make further
gifts to the Trustee of this trust as a limited partner
of the aforesaid partnership.
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Last modified: November 10, 2007