H.B. 617

VETOES

(v) The name of any cotrustee;

(vi) A statement that the effective date of the termination shall be
at least 90 days after the date on which notice under paragraph (1) of this subsection
has been received by each cotrustee and each beneficiary;

(vii) A statement of the reasons for termination of the trust;

(viii) The approximate amount and the manner of calculation of each
distribution of the trust estate; and

(ix) A statement of the right to object and the procedures to follow
under subsection (d) of this section.

(d)     (1) A person entitled to notice under subsection (c) of this section who
objects to the termination of a trust shall send written objection to the termination.

(2) The written objection shall be personally delivered or mailed by
registered or certified mail, postage prepaid, return receipt requested, within 60 days
after the date on which notice that is sent under subsection (c)(1) of this section is
received by the objecting party, to the corporate fiduciary trustee proposing to
terminate the trust at the address in the notice.

(e)     (1) If no beneficiary or cotrustee delivers a timely objection in accordance
with the provisions of subsection (d) of this section, the trust shall be terminated and
the trust estate shall be distributed in accordance with the provisions of subsection (f)
of this section.

(2) If a beneficiary or cotrustee delivers a timely written objection in
accordance with the provisions of subsection (d) of this section, the trust shall not be
terminated unless the objection is withdrawn in writing by the objecting party within
90 days after receipt of the notice by the objecting party.

(f)      (1) A trust estate that is terminated under this section shall be
distributed in any manner unanimously agreed upon by all beneficiaries.

(2) (i) If the beneficiaries do not unanimously agree to a manner of
distribution, the distribution shall be made in accordance with the provisions of this
paragraph.

(ii) A beneficiary who has a present interest in the trust estate
shall receive an amount equal to the present value of an annuity equal to the
beneficiary's proportionate share of the average net annual income of the trust as of
its last 3 anniversary dates for a term equal to the life expectancy of the beneficiary,
at the interest rate for valuing vested benefits provided by the Pension Benefit
Guarantee Corporation for the month immediately preceding the date of which the
notice under subsection (c)(1) of this section is sent.

(iii) The amount of the trust estate remaining after distribution to
beneficiaries having a present interest in the trust estate shall be distributed to any

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