Liquidating trust agreement and indemnification

16-Aug-2017 16:46

The recording of this instrument shall be at the times and in the places as the trustees may in their discretion, determine to be necessary or expedient, and they shall determine the form and record of all documentary evidence of title.9.

The trustees shall have full power at any time, pending final termination of this trust, to transfer all or any part of the property then held by them to any corporation which they may acquire or cause to be organized for the more convenient or expedient holding or management of the property, taking any securities issued by that corporation in exchange and payment, and the trustees, or any of them, may at any time be or become directors or officers of any corporation any shares of which are held by them.10.

We, _________ and _________, both of _________, in the State of _________; _________ of the City of _________, and State of _________, _________, of _________, and _________, of _________, the grantees named in a certain deed from _________(company) dated this day by which deed there are conveyed to us certain lands and buildings in the City of _________, in the State of _________, declare and agree that we will, and our heirs and successors shall, hold the granted premises, and all other funds and property at any time transferred to and received by the trustees, for the purposes, with the powers, and subject to these provisions, for the benefit of the cestui que trusts (who shall be trust beneficiaries only, without partnership, associate or any other relation whatever), and upon the following trusts:1.

In trust to convert them into money and distribute the net proceeds among the persons at the time of conversion holding and owning beneficial interests, as evidenced by the receipt certificates issued by the trustees as provided.

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The trustees shall at all times keep full and proper books of accounts and records of their proceedings and doings, and shall, at least annually, render account of the trust to any beneficiary requesting it but no trustees8.The trustees shall be entitled to receive reasonable compensation for service not exceeding a total of one percent reckoned upon the gross income received by them, unless, at any time, a majority in interest of the trusts consent in writing to some larger compensation for any past service.