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HomeMy WebLinkAbout94-00633 . . I Ii I ~ " CI ..,.3 . \, .. f '1...("..) !i !I II (hereinafter called the "Donor") hereby transfers the sum of ! CHRISTOPHER H, BAKER of Wellesley, Massdchusetts, Ii Fifteen DollarA ($15) to his mother MARGARE'I' H. BAKER and DAUPHIN DEPOSIT BANK AND TRUST COMPANY, a corporate fiduciary having its principal place of business in Harrisburg, pennsyl- 'I vania, (hereinafter with their successors in trust called the "Trustees") for the purposes and subject to the provisions hereinafter set forth. 'rhe Trustees hereby acknowledge that " they have received said sum in trust and declare that they ,; will divide and dispose of the same as hereinafter provided. !i , " FIRST: The trusts herein created shall be irrevo- cable and unamendable. SECOND: The Trustees shall divide said sum into three (3) equal shares and shall diBpose of said shares as follows: 1. The Trustees shall hold, manage, invest and reinvest one of said shares, together with any additional property which may hereafter by gift, by will or otherwise, 1 I. I from the Donor or anyone else, be transferred to and accepted Ii by them as Trustees thereof, in a separate and distinct trust I' for the benefit of the Donor's sister CATHARINE S, BAKER, to be known as THE CATHARINE S. BAKER TRUST - 1980. 2. The Trustees shall hold, manage, invest and Ii reinvest. of said shares, together with any additional ,. one I' , II property which muy hereafter by gift, by will or otherwise, II from the Donor or anyone else, be transferred to and accepted I II ,I . . II ,I I II by them as Trustees thereof, in a separate and distinct trust II Ii ,I II , II for the benefit of the Donor's sister CYNTHIA M, BAKER, to be known as THE CYNTHIA M. BAKER TRUST - 1980. 3, The Trustees shall hold, manage, invest and reinvest one of said shares, together with any additional " Ii property which may hereafter by gift, by will or otherwise, " from the Donor or anyone else, be transferred to and accepted i , I " by them as Trustees thereof, in a separate and distinct trust i' I' for the benefit of the Donor's brother COLIN W. BAKER, to be ,I Ii known as THE COLIN W. BAKER TRUST - 1980. I' 'I 'i THIRD: The Trustees shall dispose of the net income II ,I and principal of each trust established under Article SECOND, I after paying or making provision for all expenses of said trust, inclUding reasonable compensation for their services, Ii 1 i Ii I, as follows: 1. The Trustees in their uncontrolled discretion may at any time or times and for any reason pay any part or ail of the net inaome and/or principal of said trust to any one or more of the sibling of the Donor for. whose benefit said trust was established and each of the issue of said sibling, payments to more than one person to be made in such propor- tions among them as the Trustees see fit. Any net income not so paid shall be added to the principal of said trust at such times as the Trustees shall determine and in any event upon the termination of said truBt. 2 . . I 2, \ pal as hereinabove provided, the trust shall terminate upon I il :1 II 'I ii Unless sooner terminated by payments of pdnci- the deatn of said sibling of the Donor, whereupon the Trustees shall distribute the remaining principal of the trust to such one or more of the issue of the Donor's parents ROBERT W. 'I BAKER and MARGARET H. BAKER, other than the Donor and said " I I, sibling of the Donor, as said sibling shall appoint by his or '! her will, making specific reference to this power, with the il right in his or her discretion so to appoint upon any terms, I' , i! oonditions, limitations and trusts, including the right to Ii ,i create new powers of appointment, but in default of such ., " :1 appointment or to the extent to which said principal is not 1/ II effectively appointed, the Trustees shall (subject to Article , II FOURTH) distribute said principal per stirpes to the then 'i 'I living issue of said sibling, or in default of such issue the I, II Trustees shall (subject to Articles FOURTH and FIFTH) distrib- ,I :' ute said principal per sthpes to the then living issue of the ,I !i Donor I s parents determined as though the Donor was then deceased. Ii FOURTH: Whenever any principal of any trust becomes 'I distributable pursuant to section 2 of Article THIRD, except , as a result of the exercise of a power of appointment, to any ii ii I' II I ,I " [I iI I' II " I: beneficiary who is then eligible to receive net income from another trust hereunder, said principal shall be added to the ,principal of said other trust and thereafter held and dispos~d of as a part thereof. Ii I ,I ,I I: I " 3 . . I II Ii 'I FI FTH: All principal which becomes distributable at II I' any time or times pursuant t.o section 2 of Article THIRD, II I except as a result of the exercise of a power of appointment, to any beneficiary who is one of the issue of the Donor and who is then less than twenty-one (21) years of age, if the , provisions of Article FOURTH do not apply, shall be held by , , the Trustees as a separate trust as follows: " , 1. The Trustees may in their uncontrolled discre- Ii tion at any time or times and for any reason pay any part or II 'i all of the net income and/or principal of the trust to said ,i I: beneficiary, any net income not so paid to be added to the 'i principal of the trust at such times as the 'frustees shall Ii II determine and in any event upon the termination of the trust, Ii , " " il cipal as hereinabove provided, the trust shall terminate (i) I ': 2 , Unless sooner terminated by payments of prin- upon the twenty-first (21st) birthday of said beneficiary or I! il (ii) upon the death of said beneficiary, whichever event shall Ii I, d I: II i first occur, whereupon the Trustees shall distribute the remaining principal of the trust to said beneficiary if then ~' living, otherwise to his estate, I Ii S IX'rH: In making payments of principal or income to I I ;1 any beneficiary of any trust, the Trustees may make the same directly to uuch beneficiary, regardless of his or her legal status, or to such beneficiary's guardian, or may apply the :1 I same for the benefit of such beneficiary, Any such payment or II I' application shall be a complete discharge to the Trustee I' !i without any receipt, :1 I 4 . . SEVENTH: Except as herein authorized, the interests of each beneficiary of any trust, whether in income or in principal, shall not be subject to alienation or anticipation I and shall be free from control by any creditors or spouse of , d ! such beneficiary. EIGHTH: In extension and not in limitation of any common law or statut.ory power / t.he Trustees shall have and may I; exercise at any time or times, without license of court or il notice to or consent of bepeficiaries, the following powers, , authorities and discretions, which shall continue after the I] termination of each trust for the purpose of distributing the , p " trust estate: , II To retain, purchase and invest in any property / regardless of its character, its quality, the principle of , diversification or any other principle applicable to invest- ments of fiduciaries, including without limitation any and all q property received by them by gift, by will or otherwise from Ii " , the Donor or anyone else and any shares, participations or 11 '! other interests in a common trust fund; to hold unproductive I' ',I property, including without Urni tation uninvested cash, to vote, t.o give proxies with or without power of substitution and to exercise other rights of a holder of securl ties I to determine, regardless of probate law and practice, what con- sU tutes income and principal and the charges to be made against each; to make contracts and covenants, to borrow from the corporate Trustee or any other party or to lend money with !i 5 . . I; I' II or wi thollt security, to sell, exchange, lease, mortgage, II I pledge or grant easements over or optiO:1S with respect to any , property, to determine the terms and manner of doing so and to execute and deliver all appropriate instruments connected therewith, whether or not the effect thereof extends beyond I the termination of any trust; to maintain, repair, improve, II develop, subdivide, partition, change or alter any property; Ii to impose, amend or remove restrictions on the transfer of any property; to employ agents, custodians, investment counsel and attorneys, and to pay them reasonable compensation in addition II to that of the Trustees; to pay, resist, compromise or submit to arbitration any claim or matter in dispute; to hold, manage and account for the property of any two or more trusts here- under in common and as a single fund, making division thereof only upon their books of account, and in such event to allocate ii to each trust i tfl proportionate part of the principal and :, I income of the common fund and to charge to each trust its II ': proportionate part of the expenses of administering the common :1 :i fund; to open bank accounts with the corporate Trustee or any ~ I d other banking institution, with the right in anyone or both i, I' , of the Trustees to make withdrawals therefrom; to hold property 'i in the name of a nominee or in any other form not indicating ,I I any fiduciary relationship; to make allocations, divisions and " II , distributions pro rata or not pro rata, in cash or in kind or ,I , in both, at values on the date or dates of allocation, divi- sion or distribution; to keep the whole or any part of the II , 6 . " Ii property of any trust in any jurisdiction, provided that i ,I custody of securities shall at all times be under the control Ii ;1 ,I of the corporate Trustee. NINTH: A Trustee shall not be liable for the de- I: Ii fault of any predecessor or other Trustee or for any error of !' Ii jUdgment or law on his own part, but he shall be liable only ! !I for his own wilful default, A ,!'rustee or any firm, corpora- .: tion or association in or with which he ios in any way inter- II " ested or connected may act as attoroney for, deal and contract !i I, :1 with and be employed by the Trustees / and any Trustee, or any :1 I: director, officer or employee of a corporation acting as a !i I, Trustee, may be in any manner interested in or connected with 'I :1 any corporation, association or' business in which any trust is I' " 'I directly or indirectly interested, all in the same manner alld ii ti " with the same freodom as though not a Trustee or the director, ii I officer or employee of a corporation acting as a Trustee and without accountability for any profit, benefit or compensation II Ii received in connection with any such action, dealing or rela- Ii tionship, none of which shall be void or voidable, Any Trustee 'I I, II may from time to time by written power of attorney delegate II " ,I all or any of his powers, whether discretionary or otherwise / i II to any other Trustee for a period of not more than six (6) II Ii months at a time; any such delegation may be renewed by suc- , i: cessive powers of attorney and may be revoked. II il TENTH: Without limiting the generality of the Ii , : foregoing Articles EIGHTH and NINTH, the Trustees of each 'I I 7 I' il " Ii . .. 'I " trust are speci fically authorized to invest all or substan- Ii , tially all of the assets of such trust in one or more common I' II stocks, and the Trustees shall not be liable on account of doing so. While it is the Donor's hope that the Trustees of each trust will so invest the assets of such trust, no legal or equitable obligation shall be deemed to be imposed upon them in this regard. ELEVENTH I The Trustees of each trust shall each I: " 1 yeat' prepare an account of their administration of such trust. I The Trustees shall render such account to each person eligible 1 I' to receive net income from such trust. A person to whom an " I: account is rendered shall be deemed to have approved the II account if he assents to the account in writing or if he does d I, not give written notioe to th~ Trustees of his objection to '! the account wi thin ninety (90) days after the date on which ;: the account is rendered. The approval of any account of any Ii trust as hereinabove provided shall constitute a full and I, I , :i " complete discharge to the Trustees from further accountability or liability as to all matters and transactions stated therein or shown thereby and as to all persons, whether in being or under disability or not, who have been, are then or may there- after become entitled or eligible to share in either the principal or the net income of such trust. TWELFTH I Any Trustee of any trust may resign at any I time from such trust by a written instrument, Written notice , ;: of. reslgnation shall be promptly given by the resigning Trustee I' II " ,I " 8 " ~ ~ I, as Trustee of any trust hereunder, the situs of such trust shall be Cumberland County, Pennsylvania. During such time as Ii any other corporate fiduciary is acting as corporate Trustee II ,I of any trust, the situEl of such trust shall be the state and I I, county in which the office of the corporate Trustee from which I' such trust is administered is located, As used herein: the ,I term "Trustees" means, wherever the context so permits, the i ~ I, trustees for the time baing of the appropriate trust, whether i' I original or successor; the term "interested person" means any , I: person who is at the time entitled or eligible to receive net income and/or principal from any trust hereunder; the term "issue" means lawful descendants by blood or adoption in any one or more generations; the term "guardian" means the legally appointed guardian or conservator of the property of a benefi- ciary; the term "property" means any property, whether real, personal or mixed, Where the context so permits, each of the masculine, feminine and neuter genders shall be deemed to denote the other two genders, the singular to denote the plural and the plural to denote the singular. Executed under seal this \ ,0\ ~~, day of \\\\dl.'\st , 1980, .i ~ \\ \ c. \ o'f'hr , H, (-.j" hlL Donor rYI(V'f~GlJ' 2 r Trus e H ' ~(3,n L'<' Il DAUPHIN DEPOSIT B TRUST COMPANY " .- 'By,.-- -... Trustee ~_.' " . --~~.. ".'lo... f., ~....\,.." l3 ,I. \: " " ,..., '~ I. COMMONWEALTH OF MASSACHUSETTS . ,S~'I /';;/k , BS. tltt?/lsl/f 1980 \J" , Then personally appeared the above-named CHRISTOPHER H. BAKER and acknowledged the foregoing instrument to be his free act and deed, before My commission expires lOP. 9;f 2. I, ,j " , " , ,1, 1 I 1 " ," .,1 II, " ,. " ,', I, ,.1 " I. 'I" " " I, .. " , ,';" "', , , , ' " ,," " " , " I," ", 'I"~ 14 ,_l..::..........'" ..,,--.t..\I.Uit.''fI,ii\\\;ji.\lhl','~'lI!'W''''ri'': ,11_"", ""0 '1\:" I ,":1. -, 'I" , ~.; . " I'" ,I ", " ,:!, !;I' ,t,. H' 'i" I, 'i. ' . ,. Il ti.U.,:.',', _' _~, I" ~-" " I. 1" , ,,' if I I I I I I I... 1