DECLARATION OF TRUST
KNOW ALL MEN BY THESE PRESENTS:
That ROY B. BRYANT, R.W. CATE, BERTRAM W.H. POOLE, DR. H.M. BARNHART, and R.H. JENKINS, hereinafter called “Trustees” do hereby declare that ED PALM, hereinafter called the “Trustor” has conveyed, transferred, and delivered to said Trustees all of his right, title, and interest in and to the following property, consisting of:
Books, pamphlets, catalogues and literature on philately, constituting a philatelic library, together with all other personal property used in connection with said property, said books, pamphlets, catalogues and literature on philately being more particularly described and listed in the 1935 inventory thereof kept in connection with said library.
That such right, title and interest as the Trustees have now received and may hereafter obtain in said property which may hereafter be conveyed, transferred, or delivered to said Trustees or their successors, and by them accepted in trust hereunder, shall constitute and be described as the trust estate.
That during the entire term of this trust, the whole title, both legal and equitable, in fee to the trust estate is and shall be vested in the Trustees and their successors, and no interest therein is bested in any of the beneficiaries hereunder, there interest being solely personal property, consisting of the right to enforce the due performance of this trust.
No consideration was or is to be paid by the Trustees for the trust estate, but the Trustees and their successors thereto have accepted and will hold the same in trust as follows: To carry out the express purposed of this trust, and in aid to its execution and proper administration, management, and disposition of the trust estate, the Trustees and their successors are vested with the following additional powers and discretions:
To hold, maintain, operate and continue solely at the risk of the trust estate, and with no personal liability thereunder arising upon said Trustees of their successors individually or personally, any and all property which they may receive thereunder, whether or not the same shall be legal for investment of trust funds, or they may sell or otherwise dispose of the same except in its entirety, to sell and convey the trust estate or any part thereof; to improve the same and remove, substitute, alter or repair the same or add improvements thereto; to invest the principal or income in any property, whether or not the same may be permissible by law as investment for trust funds, being the particular intention of the Trustor that said Trustees and their successors from time to time purchase, add to, accumulate and keep said philatelic library up to date through the purchase and accumulation of additional or recent philatelic literature; to reimburse themselves from the income or principal of the trust estate for any loss, damage, or expense incurred by reason of their ownership or holding of any property received or held in this trust. All discretions conferred upon the Trustees by reason of this instrument shall, unless specifically limited, be absolute and unconditional, and their exercise conclusive on all persons interested in this trust or trust estate.
That said Trustees shall have right and power to take, accept and receive gifts, devises, and bequests hereunder of personal or mixed or real property to be held under the terms and conditions of this trust.
Said Trustees shall hold said property for the benefit of Philately, and in particular for the benefit of all members of the Philatelic Club of Los Angeles or any successors thereto, so long as the same exists, and said Trustees are directed to permit the Philatelic Club of Los Angeles ready access thereto, subject to such rules and regulations as said Trustees may fix, so long as said Philatelic Club of Los Angeles or any successors thereto maintains at its own expense suitable quarters to house and protect said library.
That upon the dissolution of the Philatelic Club of Los Angeles or the last successor thereto, or at such sooner time as the Trustees may in their discretion determine, the then existing Trustees under this trust shall transfer, assign and convey all of the assets of this trust to such public, charitable, educational or quasi-public corporation or institution as will provide suitable quarters for the housing of said philatelic library, contingent upon said institution or other body utilizing any other assets of said trust estate in the purchase, maintenance and extension of said philatelic library, and further conditioned upon such institution or other body maintaining the same for the use of the general public, and in particular for any persons interested in philately.
The purpose of the Trustor in executing this trust is to establish and perpetuate a philatelic library for educational purposes, and such purpose shall be considered above any other provision herein contained in any construction of this trust.
It is further the intention of the Trustor that there shall be in no event any personal liability or responsibility upon the Trustees or their successors or any thereof arising out of any act by them or any of them in connection with the administration of this trust, and there shall be no personal responsibility upon said Trustees or their successors or any thereof in connection with their activities in the management, control, ownership or conduct of this trust estate.
Said Trustees shall from time to time, as they deem necessary for determining any questions arising in the management of this trust, meet, and at any such meeting three (3) of such Trustees shall constitute a quorum for the purpose of determining any question arising in the management of said trust, and a determination of a majority of all the Trustees shall constitute a valid, conclusive and final determination of any question arising concerning the control, management, disposition and termination of this trust. Said Trustees shall fill any vacancy among them arising through death, resignation, or otherwise, as soon as can conveniently be done after notification there of them
IN WITNESS WHEREOF, the said ROY B. BRYANT, R.W. CATE, BERTRAM W.H.POOLE, DR. H.M. BARNHART, and R.H. JENKINS, Trustees herein, have hereunto set their hands and seals the 13th day of May 1935, at Los Angeles, California.
(Signed by the five Trustees)
The within Declaration of Trust fully meets with my approval and I hereby specifically accept same and waive any and all right to revoke the same in whole or part.
s/Ed Palm, Trustor
(Recorded at Los Angeles, May 15, 1935)