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Essay / Research Paper Abstract
This 7 page paper briefly describes the procedure necessary for setting up a charitable trust in Massachusetts, which is done through the Secretary of State. It describes the Secretary's involvement in the process, and the enforcement procedures, which are the function of the Attorney General. It also discusses laws in California and Washington with regard to the formation and regulation of similar trusts. Bibliography lists 6 sources.
Page Count:
5 pages (~225 words per page)
File: D0_HVCharTr.rtf
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Unformatted sample text from the term paper:
They must be registered, and they have to account for their activities, especially financial activities, on a regular basis, usually through an annual report. Charitable trusts are subject
to the same laws as other corporations because there must be some public oversight of their activities (Charitable trusts). Scope and Duties of Massachusetts Secretary of State with Regard to
Charitable Trusts Like all corporations or other business entities, a charitable trust is strictly governed and must meet certain guidelines if it is to operate within the law.
In order to create a trust, there are specific steps to be followed. First, the trustees need to file a copy of the Declaration of Trust with the Corporations
Division, and that Declaration has to include the name of the trust; the date organized; "the names and addresses of the trustees," "the original signatures of all trustees"; "the principal
place of business"; "a statement that beneficial interest is divided into transferable certificates of participation or shares"; and "a statement that the trust is able to merge (if so desired)(About
Voluntary Association). Of course, the Declaration must be signed by all the trustees (About Voluntary Association). If the trust makes any amendments to the Declaration, it has to
file a copy with the Massachusetts Corporation Division "within thirty (30) days after the adoption of the amendment (About Voluntary Association). As is the case with for-profit corporations, trusts must
file an annual report, which is due at the Corporations Division "on or before June 1" (About Voluntary Association). The Annual Report must contain the name of the trust;
the "principle place of business" either in Massachusetts or elsewhere; the number of "its issued and outstanding shares and the names and addresses of the trustees" (About Voluntary Association).
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