Common use of Beneficial Interest Clause in Contracts

Beneficial Interest. The beneficial interest in the Trust shall be divided into Shares, par value $.001 per Share (or such other amount as the Trustees shall determine, including no par value). The Trustees may, without the approval of Shareholders, authorize one or more series of Shares and one or more classes of Shares having such preferences, voting powers, terms of repurchase or redemption, if any, and special or relative rights or privileges (including conversion rights, if any) as the Trustees may determine. The number of Shares of the Trust and each series and class authorized hereunder is unlimited. The Trust is authorized to issue an unlimited number of Shares, and upon the establishment of any series or class as provided herein, the Trust shall be authorized to issue an unlimited number of Shares of each such series and class, unless otherwise determined, and subject to any conditions set forth, by the Trustees. All references to Shares in this Declaration shall be deemed to be Shares of the Trust and of any or all series or classes, as the context may require. All provisions herein relating to the Trust shall apply equally to each series of the Trust and each class, except as the context otherwise requires. Notwithstanding any other provision of this Declaration, including Section 3.8 hereof, all Shares issued hereunder, including Shares issued in connection with a dividend in Shares or a split or reverse split of Shares, shall be fully paid and non-assessable. Except as otherwise provided by the Trustees, Shareholders shall have no preemptive or other right to subscribe to any additional Shares or other securities issued by the Trust. Shares held in the Trust’s treasury shall not confer any voting rights on the Trustees and shall not be entitled to any dividends or other distributions declared with respect to the Shares.

Beneficial Interest. The beneficial interest in the Trust shall be divided into Shares, par value $.001 0.001 per Share (or such other amount as the Trustees shall determine, including no par value). The Trustees may, without the approval of Shareholders, authorize one or more series of Shares and one or more classes of Shares having such preferences, voting powers, terms of repurchase or redemption, if any, and special or relative rights or privileges (including conversion rights, if any) as the Trustees may determine. The number of Shares of the Trust and each series and class authorized hereunder is unlimited. The Trust is authorized to issue an unlimited number of Shares, and upon the establishment of any series or class as provided herein, the Trust shall be authorized to issue an unlimited number of Shares of each such series and class, unless otherwise determined, and subject to any conditions set forth, by the Trustees. All references to Shares in this Declaration shall be deemed to be Shares of the Trust and of any or all series or classes, as the context may require. All provisions herein relating to the Trust shall apply equally to each series of the Trust and each class, except as the context otherwise requires. Notwithstanding any other provision of this Declaration, including Section 3.8 hereof, all Shares issued hereunder, including Shares issued in connection with a dividend in Shares or a split or reverse split of Shares, shall be fully paid and non-assessable. Except as otherwise provided by the Trustees, Shareholders shall have no preemptive or other right to subscribe to any additional Shares or other securities issued by the Trust. Shares held in the Trust’s treasury shall not confer any voting rights on the Trustees and shall not be entitled to any dividends or other distributions declared with respect to the Shares.

Beneficial Interest. The beneficial interest in the Trust shall be divided into Shares, with a par value of $.001 0.01 per Share (or such other amount as the Trustees shall determine, including no par value). The Trustees may, without the approval of Shareholders, authorize one or more series of Shares and one or more classes of Shares having such preferences, voting powers, terms of repurchase or redemption, if any, and special or relative rights or privileges (including conversion rights, if any) as the Trustees may determine. The number of Shares of the Trust and each series and class authorized hereunder is unlimited. The Trust is authorized to issue an unlimited number of Shares, and upon the establishment of any series or class as provided herein, the Trust shall be authorized to issue an unlimited number of Shares of each such series and class, unless otherwise determined, and subject to any conditions set forth, by the Trustees. All references to Shares in this Declaration shall be deemed to be Shares of the Trust and of any or all series or classes, as the context may require. All provisions herein relating to the Trust shall apply equally to each series of the Trust and each class, except as the context otherwise requires. Notwithstanding any other provision of this Declaration, including Section 3.8 hereof, all All Shares issued hereunder, including Shares issued in connection with a dividend in Shares or a split or reverse split of Shares, shall be fully paid and non-assessable. Except as otherwise provided by the Trustees, Shareholders shall have no preemptive or other right to subscribe to any additional Shares or other securities issued by the Trust. Shares held in the Trust’s treasury shall not confer any voting rights on the Trustees and shall not be entitled to any dividends or other distributions declared with respect to the Shares.

Beneficial Interest. The beneficial interest in the Trust shall be divided into Shares, with a par value of $.001 0.01 per Share (or such other amount as the Trustees shall determine, including no par value). The Trustees may, without the approval of Shareholders, authorize one or more series of Shares and one or more classes of Shares having such preferences, voting powers, terms of repurchase or redemption, if any, and special or relative rights or privileges (including conversion rights, if any) as the Trustees may determine. The number of Shares of the Trust and each series and class authorized hereunder is unlimited. The Trust is authorized to issue an unlimited number of Shares, and upon the establishment of any series or class as provided herein, the Trust shall be authorized to issue an unlimited number of Shares of each such series and class, unless otherwise determined, and subject to any conditions set forth, by the Trustees. All references to Shares in this Declaration shall be deemed to be Shares of the Trust and of any or all series or classes, as the context may require. All provisions herein relating to the Trust shall apply equally to each series of the Trust and each class, except as the context otherwise requires. Notwithstanding any other provision of this Declaration, including Section 3.8 hereof, all All Shares issued hereunder, including Shares Sxxxxx issued in connection with a dividend in Shares or a split or reverse split of Shares, shall be fully paid and non-assessable. Except as otherwise provided by the Trustees, Shareholders shall have no preemptive or other right to subscribe to any additional Shares or other securities issued by the Trust. Shares held in the Trust’s treasury shall not confer any voting rights on the Trustees and shall not be entitled to any dividends or other distributions declared with respect to the Shares.

Beneficial Interest. The beneficial interest in the Trust shall be divided into Shares, par value $.001 per Share (or such other amount as the Trustees shall determine, including no par value). The Trustees mayTrust and any series may have no classes, without the approval may consist of Shareholders, authorize one class or may be divided into two or more series of Shares and one or more classes of Shares having such preferences, voting powers, terms of repurchase or redemption, if any, and special or relative rights or privileges (including conversion rights, if any) as the Trustees may determineclasses. The number of Shares of the Trust and each series and class authorized hereunder is unlimited. The Trust is authorized to issue an unlimited number of Shares, and upon the establishment of any series or class as provided herein, the Trust shall be authorized to issue an unlimited number of Shares of each such series and class, unless otherwise determined, and subject to any conditions set forth, by the Trustees. All references to Shares in this Declaration shall be deemed to be Shares of the Trust and of any or all series or classes, as the context may require. All provisions herein relating to the Trust shall apply equally to each series of the Trust and each class, except as the context otherwise requires. Notwithstanding any other provision of this Declaration, including Section 3.8 hereof, all Shares issued hereunder, including Shares issued in connection with a dividend in Shares or a split or reverse split of Shares, shall be fully paid and non-assessable. Except as otherwise provided by the Trustees, Shareholders shall have no preemptive or other right to subscribe to any additional Shares or other securities issued by the Trust. Shares held in the Trust’s treasury shall not confer any voting rights on the Trustees and shall not be entitled to any dividends or other distributions declared with respect to the Shares.

Beneficial Interest. The ownership of beneficial interest in the Trust shall be divided into Shares[two (2] Classes of transferable shares, which shall be evidenced by transferable share certificates without par value $.001 per Share value, known as "Shares of Beneficial Interest." Such certificates shall give the holder thereof only an equitable interest in the Trust property in proportion to such Stockholder's beneficial interest in the Trust as represented by his or her holdings of certificates. The rights of a holder shall be limited to those specifically set forth in the certificate and in this a. [NUMBER] ( ) [Class A Voting] Shares of Beneficial Interest, without par value, and (b) [NUMBER] ( ) [Class B (Non-Voting)] Shares of Beneficial Interest, without par value. [Class A Voting] Shares and [Class B (Non-Voting)] Shares shall be non-assessable. The [Class A Voting] Shares shall have the sole and exclusive right to vote for any matters for which the vote or such other amount approval of the Stockholders is required in the manner set forth in this Trust. Except as otherwise provided, the [Class B (Non-Voting)] Shares shall not have any voting rights, shall has not the power to remove trustee, shall not has the power to revoke the contract, but shall otherwise have the same interests, privileges and rights as the Trustees shall determine, including no par value). [Class A Voting] Shares The Trustees may, without with the approval Vote of Shareholdersthe Trustees, authorize one and issue additional Shares of Beneficial Interest from time to time in such amounts as they may determine, either for cash, services, property or more series other value, or by way of dividend or in exchange for other Shares and one or more classes of Shares having such preferences, voting powers, terms of repurchase or redemption, if anyBeneficial Interest at the time outstanding, and special or relative rights or privileges (including conversion rights, if any) at such prices and upon such terms as the Trustees may determinein their absolute discretion see fit; provided, however, that any issuance of additional shares which, by virtue thereof, would dilute the value of the Shares of Beneficial Interest already issued and then outstanding shall also require the unanimous written consent of the holders of the Class A Voting Shares. The Trustees may also from time to time reduce the number of Shares of Beneficial Interest, provided, however, that they shall not reduce the Trust and each series and class authorized hereunder is unlimited. The Trust is authorized to issue an unlimited number of any Shares of Beneficial Interest issued and then outstanding without the unanimous written consent of the holders of the Class A Voting Shares and/or the Class B (Non-Voting) Shares, and upon the establishment of any series or class as provided hereinapplicable, the Trust shall be authorized to issue an unlimited number being reduced. b. Change in Number of Shares of each such series and class, unless otherwise determined, and subject to any conditions set forth, by the Trustees. All references to Beneficial Interest. c. Transfer of Shares in this Declaration of Beneficial Interest-shall be deemed to be Shares of the Trust and of any or all series or classes, as the context may require. All provisions herein relating to the Trust shall apply equally to each series of the Trust and each class, except as the context otherwise requires. Notwithstanding any other provision of this Declaration, including Section 3.8 hereof, all Shares issued hereunder, including Shares issued in connection with a dividend in Shares or a split or reverse split of Shares, shall be fully paid and non-assessable. Except as otherwise provided by the Trustees, Shareholders shall have no preemptive or other right to subscribe to any additional Shares or other securities issued by the Trust. Shares held in the Trust’s treasury shall not confer any voting rights on the Trustees and shall not be entitled to any dividends or other distributions declared with respect to the Sharestransferable.