Wyoming Directors and Officers Indemnity Trust
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How to fill out Directors And Officers Indemnity Trust?
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FAQ
Irrevocable trusts cannot be modified, amended, or terminated without permission from the grantor's beneficiaries or by court order. The grantor transfers all ownership of assets into the trust and legally removes all of their ownership rights to the assets and the trust.
Except as otherwise provided in the terms of the trust, property not required for the intended use shall be distributed to the settlor, if then living, otherwise to the settlor's successors in interest; (iv) No common law rule limiting the duration of noncharitable purpose trusts is in force in this state.
Authority to transact business required. (a) A foreign corporation may not transact business in this state until it obtains a certificate of authority from the secretary of state.
(a) A trustee shall keep the qualified beneficiaries of the trust reasonably informed about the administration of the trust and of the material facts necessary for them to protect their interests.
Action without meeting. (a) Unless the articles of incorporation or bylaws provide otherwise, action required or permitted by this act to be taken at a board of directors' meeting may be taken without a meeting if the action is taken by the requisite number of members of the board.
Failure to provide proof of financial responsibility within thirty (30) days after notification shall result in the suspension of the person's driver's license and nonresident operating privileges. The suspension shall remain in effect until the required proof of financial responsibility is received by the department.
In Wyoming, only the lifetime beneficiary, and not the remainder beneficiaries, is a qualified beneficiary entitled to receive reports from the trustee. For example, consider a trust in which one person has a life interest, with or without mandatory income distributions with the remainder going to different persons.
