Where Insurance Policies are held, annual charge of 1/20 of 1% of the amount of insurance held up to $500,000.00 and where the amount of insurance exceeds $500,000.00 this rate may be decreased. Minimum annual charge, $25.00. Where Proceeds of Fire Insurance are Collected and Disbursed, minimum fee of 1/2 of 1% of the amount disbursed. ACTING AS AGENT FOR CORPORATIONS OR AS CORPORATE SECRETARY OR TREASURER INVOLVING HOLDING OF SECURITIES AND CASH, MANAGING REAL ESTATE, HOLDING MEETINGS OF STOCKHOLDERS AND DIRECTORS, KEEPING CORPORATE RECORDS, MAKING VARIOUS REPORTS AND TAX RETURNS, DISTRIBUTION OF EARNINGS, ETC. Minimum annual charge of $50.00. Larger fee to be charged where services warrant it. If Real Estate Agent is Employed, the usual commissions to be paid to such agent in addition to other fees. TRUSTEE FOR CORPORATIONS IN LIQUIDATION AND FOR THE ORGANIZATION AND REORGANIZATION OF CORPORATIONS, DEPOSITORY FOR SYNDICATES, ETC. Acceptance Fee: Not fixed. Special fees to be charged for this service in proportion to the amount of work involved and responsibility assumed, such fees to be fixed with reference to each particular case. If Securities are to be held, an annual fee should be charged as in other instances at the rate of 1/40 of 1% of the par value of such securities, with a minimum of $25.00 per year. If negotiable Interim Receipts or Other Certificates of Deposit are to be issued and transferred, same fees for such services are to be charged as for the issuance and transfers of certificates of stock, as set out in Schedule No. 5. TRUSTEE UNDER INDENTURE OF TRUST COVERING LIFE INSURANCE (a) Where Life Insurance is Deposited under Indenture of trust, with only duty imposed upon the trustee to collect insurance, pay inheritance and other taxes, and to distribute the fund then remaining to certain beneficiaries. Acceptance Fee: Minimum, $10.00. A Commission of 2% upon disbursements of the fund, either principal or income. (b) Where a Trust of this Kind is created with active duties imposed upon the trustee not only to collect the insurance and pay inheritance taxes, but to invest the fund, collect the income, and distribute income and principal: Acceptance Fee: Minimum, $10.00. A commission of 1/2 of 1% upon the market value of principal to be made annually, and the closing fee of 1/2 of 1% of the principal when distributed. I (NOTE: It has been suggested with reference to insurance trusts that it is not customary to make an acceptance charge, and that the same would be inadvisable, but that if the trust is terminated by the Grantor during his lifetime, and before the same really becomes effective, a fee then should be charged for services in accepting the trust, examining the documents, entering the same on the books, and for the safekeeping of the insurance policies.) TRUSTEE OR DEPOSITARY FOR BONDHOLDER'S COMMITTEE INVOLVING RECEIPT AND SAFE-KEEPING OF SECURITIES DEPOSITED; IssuANCE AND TRANSFER OF NEGOTIABLE INTERIM RECEIPTS, ETC. Acceptance Fee: Minimum, $10.00. Annual Fee: 1/40 of 1% of the par value of securities deposited, with a minimum of $100.00 per year. Negotiable Interim Receipts, or Certificates of Deposit, fee of 25c. for each certificate issued or transferred to be charged in addition to other fees. Other fees should be charged for special services rendered. ACTING AS VOTING TRUSTEE FOR CORPORATE STOCK OR AS DEPOSITARY FOR VOTING TRUSTEES FOR SUCH STOCK INVOLVING THE RECEIPT AND SAFE-KEEPING OF CERTIFICATES OF STOCK, ISSUANCE AND TRANSFER OF VOTING TRUST CERTIFI CATES, ETC. Acceptance Fee Minimum, $10.00. Annual Fee: 1/40 of 1% of the par value of securities deposited, with minimum annual fee of $100.00. Where Voting Trust Certificates are issued and transferred, fee of 25c. for each certificate transferred to be charged in addition to other fees. Other fees may be charged for special services rendered. TRUSTEE IN CONNECTION WITH COUNTY AND MUNICIPAL BONDS 25c. to 50c. per $1,000. The charges in this Schedule do not include any attorneys' fees in connection with the establishment or maintenance of the trust. NOTES This is a fee to cover preliminary negotiations, consultations with principals, agents, and attorneys, investigation of the contemplated proposition and trust assets, personal examination of real estate and examination of the necessary documents and papers to institute the trust and place all matters in condition to begin to administer the trust. It is not a part of the first annual fee. ANNUAL FEE This fee embraces all ordinary services in connection with the administration of the trust, not otherwise indicated in the schedules. It includes the ordinary management of the trust property, the usual accounting involved, together with the usual periodical statements to beneficiaries. It likewise covers consultations, correspondence, postage, ordinary supplies, returns for tax assessments, and all dealings with the public and public officials. It should be prorated for fractional parts of years and is independent of the Acceptance and Closing Fee. Extraordinary services are not included in Annual Fee and should be charged extra. CLOSING FEE This fee covers all the usual services of the Trustee involved in terminating the trust, including the distribution of the assets of the trust to those entitled. In case of the death of one or more of the trustors or beneficiaries prior to closing the trust it involves the necessary examination of Court Proceedings, proofs or other data to determine who are the legal distributees. ATTORNEY FEES These schedules contemplate the fees which inure solely to the trust company and are computed to be such fees as are fair and equitable to the public and reasonably remunerative to the company, based on the assumption that the trust company is to render complete and efficient service. They do not include fees of attorneys, whether such attorney be the attorney of the trust company, the attorney of the trustor or the attorney of the beneficiaries. No attempt is herein made, or should be made, to encroach upon the proper and legitimate field of the lawyer. All reasonable fees of attorneys, whether for services in litigation, in preparing documents, or giving legal counsel, should be allowed, charged and paid them, independent of the fees set forth in the schedules. The trust company should fully coöperate with the attorney and endeavor to protect him in every particular. BROKER'S FEE Where brokers are employed by the trustee to buy or sell stocks, bonds, real or personal property, the ordinary fees of such brokers are in addition to the fees set forth in the schedules. FLAT FEES Where it may seem advisable or necessary to quote a given amount of compensation for all of the services to be rendered in a particular trust, this can be readily done by computing the total of all of the fees estimated to be received under the schedule. Some trust companies compute the total estimated earnings of the trust and divide the same by the number of years the trust is to run and quote the result as an annual fee. BANKING DEPARTMENTS The fees in these schedules are computed as those proper and necessary for a responsible trust company to charge, without consideration of any profit accruing from the trust to any other department of the institution. Where a determinable or substantial profit or benefit accrues to the banking or other department from the particular trust business under consideration a proper allowance for same may be made, provided the trust as a whole is administered at a reasonable profit. APPENDIX B SECTION 11 (k) OF THE FEDERAL RESERVE ACT (k) To grant by special permit to national banks applying therefor, when not in contravention of State or local law, the right to act as trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, assignee, receiver, committee of estates of lunatics, or in any other fiduciary capacity in which State banks, trust companies, or other corporations which come into competition with nstional banks are permitted to act under the laws of the State in which the national bank is located. Whenever the laws of such State authorize or permit the exercise of any or all of the foregoing powers by State banks, trust companies, or other corporations which compete with national banks, the granting to and the exercise of such powers by national banks shall not be deemed to be in contravention of State or local law within the meaning of this Act. National banks exercising any or all of the powers enumerated in this subsection shall segregate all assets held in any fiduciary capacity from the general assets of the bank and shall keep a separate set of books and records showing in proper detail all transactions engaged in under authority of this subsection. Such books and records shall be open to inspection by the State authorities to the same extent as the books and records of corporations organized under State law which exercise fiduciary powers, but nothing in this Act shall be construed as authorizing the State authorities to examine the books, records, and assets of the national bank which are not held in trust under authority of this subsection. No national bank shall receive in its trust department deposits of current funds subject to check or the deposit of checks, drafts, bills of exchange, or other items for collection or exchange purposes. Funds deposited or held in trust by the bank awaiting investment shall be carried in a separate account and shall not be used by the bank in the conduct of its business unless it shall first set aside in the trust department United States bonds or other securities approved by the Federal Reserve Board. In the event of the failure of such bank the owners of the funds held in trust for investment shall have a lien on the bonds or other securities so set apart in addition to their claim against the estate of the bank. Whenever the laws of a State require corporations acting in a fiduciary capacity, to deposit securities with the State authorities for the |