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HomeMy WebLinkAbout01-09-079 , . IN THE MATTER OF THE BAUGHMAN IN THE COURT OF CO}~IDN PLEAS OF CUHBERLAND COUNTY, PENNSYLVANIA }ffiMORIAL METHODIST CHURCH TRUST, CCNB, TRUSTEE ORPHANS' COURT DIVISION NO. 419 ORPHANS' 1978 ORDER .ft. AND NOW this <{ ~day of~~71979' upon Petition it is ordered and directed that a rule issue upon CCNB, Trustee of the Baughman Memorial }1ethodist Church Trust, to show cause why said trust should not be modified to provide for specific provisions set forth in amended petition. RULE returnable within I 6 days after date of this order. SERVICE of this rule shall be made by certified mail or personally upon Respondent CCNB and service of copy of order and amended petition shall be made upon the Attorney General. BY THE COURT: ~j~ANrl( PJ "~" .Ii 0[' .' -, - r) " " t... .1:', .L ;10 I ,~,Lt A".L.t ~ IN THE MATTER OF THE BAUGHMAN IN THE COURT OF COillION PLEAS OF CUMBERLAND COUNTY, PENNSYLVANIA MEMORIAL METHODIST CHURCH TRUST, CCNB, TRUSTEE ORPHANS' COURT DIVISION NO. 1978 AMENDED PETITION FOR RULE TO SHOW CAUSE Baughman Memorial United Methodist Church through its attorney John H. Broujos~ Esquire, sets forth the following amended petition for rule to show cau&e; 1 Petitioner in original petition requested a rule to show cause why the trust set forth therein should not be modified or revoked. 2 In the meantime negotiations have taken place between Petitioner Baughman Memorial Methodist Church and Respondent CCNB, designated as Trustee under the original trust, on the question of modification and/or revocation of the trust. 3 Petitioner Baughman Memorial Methodist Church submits herewith a modified Trust Agreement which Petitioner Baughman Memorial Methodist Church proposes as the modified trust, to be substituted for the existing trust, with trust accounts to be adjusted accordingly, and prays that Respondent Trustee show cause why said trust should not be so modified. /-".h'.. . Ir-- " j (,':1 /'" i .~. ,""-' /"f= jOHN~H. BROUJOS,' . Attotney for Petitioner '----./ 1(' '~'1 Or' ." .d,;)., .,L,;...) I ;';10 ,) .. .,. TRUST AGREEHENT TilTS Trust Agreement made this day of , 1978, by and between Baughman Hemorial United Methodist Church of New Cumberland, Cumberland County, Pennsylvania, hereinafter called Settlor and the Board of Trustees of the Baugh- man Memorial United Methodist Church which shall be comprised of Trustees duly elected to office under the authority of the original charter dated October 21, 1907, and amendments thereto. WITNESSETH: WHEREAS Settlor believes it to be to the ultimate benefit of the Church and the congregation to place certain church funds in an unrestricted General Trust Fund so as to reap the benefit of investment management and still have such funds avail- able forsl,lch USt'S [JS from time to time may be detl.rmined advisable, and WHEREAS, The Book of Discipline of the United Hethodist Church 1976 requires in paragraph 2427 as follows: "Subject to the direction of the Charge Conference as hereinbefore provided the Board of Trustees shall receive and administer all bequests made to the local church; shall receive and administer all trusts; shall invest all trust funds of the local church in conformity with laws of the country, state or like political unit in which the local church is located." WHEREAS, Trustees have agreed to act as Trustees of such a General Trust Fund in accordance with the following terms and conditions, \, NOW THEREFORE, the parties hereto in consideration of the mutual benefits to be derived therefrom, agree as follows: 1. Trustees acknowledge receipt of the property listed on Schedule A attach('cl hereto and made a part hereof. Trustees agree to hold same together with any other property added hereto from time to time and together with the investments, re-investments and proceeds thereof to be held by Trustees in Trust, and managed and administered in accordance with the terms of this Agreement. 2. Trustees shall assume full responsibility for the management and investment of the trust assets. 3. Trustees shall distribute so much of the net income from the trust to Settlor as Settlor shall request, and any income not so distributed shall be accumulated and added to the trust principal for investment and reinvestment. 4. The purpose of this trust is to provide a well invested fund from which t1w Settlor Church may from time to time in its discretion make such withdrawals from income or pl-incipnl ;lS del'med ;lppropriate for any church purpose. Withdrawals of income or principal can he made at any time by Settlor delivering to Trustee~.; ;1 wri tten authorization for such withdrawal signed by anyone of the follO\"ing: VLce President, Secretary or Chairman of Board of Trustees, provided there is attached a copy of a resolution adopted by the Board of Trustees and approved by the Official Board of Settlor authorizing said withdrawal, the copy to be certified as true and correct by the Secretary of the Official Board. 5. In addition to the powers of trustees vested in them by law, Trustees shall have authority and power: ^. To retnin ;lny and all inVL'stments or other property assigned and trans- ft'rl"l'd Ill"-('1I11dl'" Pl- Ill'r":Ifl,'r ;1<1<10'<1 to this I rust so 'long ;IS Trustl'l'S "h;dl .. J # .. L . deem proper and for the best interests of the trust estate, and to invest and reinvest the proceeds thereof from time to time in such stocks, bonds, securities, common trust funds, mortgage investment funds and other property as to Trustees shall deem proper. B. To transfer, register and hold any or all investments or other property in bearer form or in the name of any other person, partnership, or corpora- tion as nominee or nominees of Trustees without disclosing any fiduciary relationship. C. To execute proxies and powers of attorney to vote any share of stock held in the trust estate to any person or persons selected by it. D. Settlor expressly states that this Agreement and the trust hereby created shall be revocable and amendable by it in whole or in part and may be amended at any time by Settlor executing an instrument in writing following the same procedure as set forth in paragraph 4. These powers can be exercised from time to time and as many times as Settlor desires. 7. Subject to the approval of the Trustees, anyone may add property, real and per- sonal, to the principal of this trust by deed, will or otherwise. B. T.-usteI'S sl1;111 use tl1~'ir discretion to determine whether funds or property dl'l)()sited into th~' C,'neral Trust Fund Wl're done so in response to a specific pro- vision of a gift, bequest or transfer, or whether such funds or property were deposited inadvertently. Trustees may use this discretion to determine if the purpose of a gift, bequest, transfer would be better served by deposit into the general fund of the Settlor. ~ 9. Funds shall be administered in accordance with the provisions of specific bequests, gifts or transfers. Where there has been a change of circumstances so that compliance with the literal terms of a specific bequest, gift or transfer would result in defeating or impairing the accomplishment of these pur~oses for whatever reason. the Trustees are authorized to petition the court for appropriate disposition of funds in accordance with the law. 10. No part of the net earnings or of the principal of the trust shall inure to the benefit of any private individual for purposes other than those for the benefit of Settlor Church. n. The situs of this trust for administrative and accounting purposes shall be Cumber land County, Pennsylvania; and all questions pertaining to the construction or valid- ity of the provisions of this instrument shall he governed by the laws of Pennsylvania. 12. Trustees shall not be required to give bond for the faithful performance of its duties in this or any other jurisdiction. IN WITNESS ~.JHEREOF. the parties hereto have caused this Agreement to be executc'd the day and year first above mentioned. ATTEST BAUGHHA.N MEMORIAL UNITED HETHODIST CHURCH Secretary of Board of Trustees " r ---- -_.__......__.,-~~---_.._-_.--------~-~-~~-.--- .,- -- U'- CCk~~\~ ~--^-'\._,;--\~. ~.~ 0r,' (] <(r ",><e,' ~ \ ~_~ ~ ~,~<:Zo-J~~~ _.~\ /;,--'-e ," j \ r- .,.\J t ._: ~' ~:itl\/~~l 1,- ." "-7~, +.1 ..' . f-- \ { "t.:-- ('-"~ .' --, r~,~ >y-' ~ \~ (I t-G"'y' '-- \. IV )-) ---.- \. ~ f/' [I --...., j . ~/'1O r )2,c~.~&It)vl-I Ic779 .~ 11 ' " '1" n c'. " ~')'t3 \)'-'.i~ ',,;O! ,deL "'-..A.