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Complete Home & Office Legal Guide
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Complete Home and Office Legal Guide (Chestnut) (1993).ISO
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1993-08-01
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COMPOSITE DECLARATION OF BUSINESS TRUST
____________ and ______________, referred to as TRUSTEES,
herewith establish and declare the following trust:
Trustees declare that all property, income, and profit now
held or acquired after the effective date of this agreement shall
be controlled by them for the benefit of such person as may from
time to time be owners of certificates of shares having beneficial
interests in this trust estate, in a way which is set forth in
this instrument and any amendments to this instrument.
The property that will be subject to the terms of this
agreement consists of the following:
_______________________________________________________________
TYPE OF TRUST
It is hereby declared this trust shall be a Business Trust
and not be known otherwise.
NAME AND LOCATION
The adopted business name of the trust shall be ___________
_____, and in this name they make and execute contracts and all
types and kinds of instruments, conduct business, acquire and
convey real and personal property, and sue and be sued.
The principal office of the trust shall be at ____________
_______________________________________________________________
unless and until it is changed by the trustees.
The trustees may establish branch offices or places of
business they determine to be in the best interest of the trust.
CAPITAL STOCK AND SHARES
The trust shall have the authority to accept up to $
____________ ( ____________ &___/100 dollars) in capital
contributions and the Trustees may sell or exchange shares for
such sums or consideration, and on such terms as they deem
appropriate for the trust.
The shares shall be personal property and shall entitle
owners of such shares to participate in all dividends and other
distributions of income or principal in the proportion of the
number of shares they hold to the number of shares issued and
outstanding.
Any trustee may acquire, hold or dispose of shares in the
trust in the same way if he or she were not a trustee and without
affecting in any way their power or status.
TRANSFER OF SHARES
All shares of the trust shall be in writing and transferable
by an appropriate instrument only.
The person whose name appears as the owner of such shares in
the books of the trusts, shall be deemed absolute owner of such
shares and until the existing certificate of shares is
surrendered and transfer is recorded, the trustees shall not be
affected by any notice.
Any person acquiring stock through the result of bankruptcy
or death shall receive a new certificate for the share(s) and be
recorded in the trust's books. Until evidence is produced and the
existing certificate produced to the trustees, the trustees shall
not be affected by any other notice of the change of title.
In the event of a death of one of the shareholders the
shareholder's heirs, legatees, or legal representatives of the
descendent shall succeed to his or her rights.
LOSS OR DESTRUCTION OF CERTIFICATE
A new certificate may be issued in place of an old one upon
provision of a surety bond or upon such other terms and
conditions as are proper and necessary.
INSPECTION OF STOCK RECORDS
The stock books shall be open for inspection by any
shareholder or their representative or agent at all reasonable
times.
DIVIDENDS
Trustees may distribute net earnings received by them in
their own discretion, and when they deem it to be proper and
advisable.
RIGHTS OF SHAREHOLDERS
The rights of shareholders and transferees and other persons
becoming entitled to heirs of the trust shall be subject to the
all the terms and conditions of this declaration of trust.
No shareholder shall have the right to manage or control the
property, affairs, or business of the trust, or any power to
control trustees in these respects or the right to an accounting
or partition of the trust property during the duration of the
trust.
LIABILITIES OF SHAREHOLDERS
Shareholders shall not be liable for any assessment, and
trustees shall have no power to bind the shareholders personally.
No amendment shall be made to this declaration increasing the
liability of the shareholder without the written consent of all
the shareholders.
Every document and correspondence executed by the trustees
shall have in writing a stipulation which holds the shareholders
not liable for any debt, demand, or liability incurred in
connection with the document. However, failure of the stipulation
to appear does not render any shareholder personally liable.
SHAREHOLDERS MEETINGS AND ELECTIONS
Shareholders shall meet annually on the anniversary date of
the declaration of this trust, or if said day is a legal holiday,
on the next business day thereafter, at the principal office of
the trust, or such other place as the Trustees may establish.
The Trustees may call special meetings of the shareholders at
any time. Trustees are responsible for notifying all the
shareholders of any special meeting and its nature of business and
the meeting shall pertain only to the business specified in the
notice of special meeting.
Notice will be deemed properly delivered if mailed or
delivered to the shareholder's address contained in the trust's
books.
The President named by the trustees shall preside at all the
meetings. The shareholders shall be entitled to one vote per share
and may vote by proxy. Thirty-three per cent of all outstanding
shares shall constitute a quorum.
NUMBER, ELECTION, AND TENURE OF TRUSTEES
There shall be ___ trustees. The term of any trustee and
their successors shall be for a term of one year, or until their
successors are elected.
The death, resignation, incapacity, or removal of any
trustee shall not terminate this trust.
Any vacancy shall be filed by the remaining trustees until
the end of term.
New trustees shall be elected yearly by the shareholders at
the annual meetings.
A Trustee may be removed by a majority vote of the other
trustees when they deem it is necessary and appropriate to do so.
Written notification of any such vote shall be given to each
trustee at least 15 days prior to the meeting, but no such notice
is necessary for regular meetings of trustees.
MEETINGS OF TRUSTEES
Meetings for the trustees shall be held at regular intervals
to be established by the trustees. After the election of trustees
provided for herein the trustees shall hold an initial meeting at
which time they shall establish the time for meetings. A majority
of the trustees shall constitute a quorum, and an absent
trustee's vote shall not be necessary to carry out any matter
voted on at a meeting which holds a quorum.
WRITTEN REPORTS BY TRUSTEES
A written report shall be prepared annually showing
operations during the preceding fiscal year, receipts,
disbursements, and earnings, and the assets and conditions of the
trust estate.
OFFICERS AND AGENTS
Trustees shall appoint from among their number a President,
Treasurer, and Secretary and shall perform such duties which are
characteristic with that position. The terms and conditions of the
positions shall be set forth by the trustees. The removal of a
trustee from any such a position shall not affect his or her
status as a trustee unless voted on otherwise.
COMPENSATION OF TRUSTEES
Trustees shall be compensated as they deem reasonable and
proper. They shall fix the compensation, if any, of all officers
and agents appointed by them.
GENERAL FUNCTIONS AND POWERS OF THE TRUSTEES
Trustees hold legal title, as if they were absolute owners,
to all the property at any time belonging to the trust and have
absolute control of such property subject to the limitation in
this trust. Trustees also have the right to acquire property for
the trust as they see proper and necessary to