CALIFORNIA STATE HORSEMEN’S ASSOCIATION
TRUST AGREEMENT
Pursuant to resolution regularly adopted at its annual meeting in Santa Barbara, California, on November 14, 1969, and;
For the purpose of promoting the health, welfare, happiness, development and education of young people in the State of California who may be, but need not be, members of, or affiliated with, California State Horsemen’s Association and who are interested in horse activities and/or the purpose of promoting research and education regarding the health, development, growth, maturing, illness, disease and the general welfare of horses generally, the California State Horsemen’s Association, Trustor, does hereby irrevocably create a trust to be composed of monies or properties appropriated by the California State Horsemen’s Association or given by its members, friends and interested persons or organizations.
This trust will be known as the California State Horsemen’s Association Charitable Trust.
This trustor and the individual trustees named to administer the trust fund, hereby agree as follows:
1. The number of trustees will be three (3).
2. The trustees will be appointed by, and will serve at the pleasure of the President of the California State Horsemen’s Association.
3. The trustees will hold all monies and properties coming into their hands in this trust, together with the income and profits therefrom, for the uses and purposes set forth in this agreement.
4. The trustees will hold the trust fund or other properties and, in their discretion, invest it or parts of it in securities in which trustees are permitted to invest under the laws of the State of California, or retain in cash and collect the income, and will from time to time and in such amounts as in their discretion, the trustees, in compliance with the provisions of this trust, will deem proper, devote and apply the trust fund and income therefrom exclusively to the charitable uses and purposes described herein.
5. The trust fund and the income therefrom will be devoted exclusively to the charitable purposes described herein and will in no part and in no event be given or contributed to or inure to the benefit of any private person or corporation except for the educational purposes here set forth. No part of the trust fund will be used to carry on propaganda or otherwise attempt to influence legislation or to participate in any political campaign.
6. Either the trustor or other persons, organizations or entities may, from time to time, make additional gifts of money or property to the trust and any such gifts will become part of the trust fund.
7. The trustees will serve without compensation, but will be entitled to reimbursement from the trust income or principal for expenses reasonably incurred in the administration of the trust.
8. The trustees will serve without a bond.
9. The trustees will be chargeable only with the excise of good faith in carrying out the provisions hereof and will not, in the absence of bad faith, be responsible or accountable for error of judgment.
10. The act of a majority of the trustees on all matters pertaining to this trust, including the investment and distribution of funds, will be conclusive. Evidence of such majority actions will be in writing and will be filed with corporate trustee.
11. In case of the death or resignation of any of the trustees, the remaining trustees will have full power to act hereunder until a successor or successors are appointed by the President of the California State Horsemen’s Association as herein provided.
12. The creation of this trust is contingent upon a determination prior to its inception by the Bureau of Internal Revenue that its purpose, organization and proposed operation qualify it as a tax-exempt trust. If no such tentative or advance determination can be obtained, this trust instrument will be void and of no force or effect and no trust will be created by it.
13. In the event that this trust is dissolved, or otherwise terminated, the trustees will pay, or otherwise satisfy all of the outstanding obligations and liabilities of the trust, and thereafter will dispose of all of its remaining assets by distributing them, in whatever form they then exist, in such manners, or to such organizations as are operated exclusively for charitable, educational or scientific purposes and qualify, at the time of such termination, as tax-exempt organizations under applicable Internal Revenue law. In dispensing of the assets, the charitable purposes selected will be as similar as possible to the charitable purpose of this trust.
14. This trust is irrevocable and may not be amended, modified or terminated, in whole or part, by the trustor or any other person.
15. The county in which the principal office of trust is located is Sonoma County.
IN WITNESS WHEREOF the parties hereto have caused their official signatures and the seal of the corporation to be affixed hereto on this 15th day of December 1969.
CALIFORNIA STATE HORSEMEN’S ASSOCIATION,
TRUSTOR
By /s/ George Dean
President
/s/ Betty Menefee
Secretary
/s/ George M. Dean
Trustee
/s/ Fred I. Kemm
Trustee
/s/ Heber James Brown
Trustee
TA2
