Powers Regarding Securities Clause Samples
Powers Regarding Securities. The Trustee shall have all authority granted by state regarding the purchase and sale including, but not limited to the following:
(a) The Trustee shall have authority to purchase or sell securities of any kind deemed appropriate by the Trustee for the benefit of the Trust Estate.
(b) The Trustee shall further have all of the rights, powers, and privileges as if an owner, including the right to vote stock, give proxies and pay assessments.
(c) The Trustee shall also have the right to pay other sums deemed by the Trustee to be necessary for the protection of the Trust Estate.
(d) The Trustee shall have authority to participate in voting trusts, pooling agreements, foreclosures, reorganizations, consolidations, mergers, and liquidations, and, in connection therewith, to deposit securities with and transfer title to any protective or other committee under terms as the Trustee may deem advisable.
(e) The Trustee shall further have power to exercise or sell stock subscription or conversion rights.
(f) The Trustee may open an account with a brokerage firm of the choosing of the Trustee in the Trustee's name, in its own name, in the name of its nominee, in behalf of the Trust for the purpose of purchasing and selling of any kind of securities and authorizing the accounts and/ or the delivery of securities or money therefrom. The Trustee may hold securities in an unregistered condition such that ownership passes by delivery.
(g) The Trustee may retain as an investment any securities or other property received through the exercise of any of the foregoing powers. The Trustee is further authorized to sign, deliver and/ or receive any documents necessary to carry out the powers contained within this Paragraph.
(h) To transfer into a separate trust any stock of a corporation that elects or has elected treatment as an “S Corporation” as defined by Section 1361(a)(1A) of the Internal Revenue Code, as amended from time to time. The Trustee may further divide the separate trust into shares for each beneficiary under this Trust and such shares may be distributed outright or held in trust as herein provided. In addition, all other provisions of this Trust will apply to each share held in a separate trust, except that the Trustee will distribute all income from each separate trust to its beneficiary in convenient installments at least annually. It is my intent that each separate trust will be recognized as a Qualified Subchapter S Trust (“QSST”) under Section 1361(d)(2) of th...