Sentences with phrase «hands distributing the assets»

Matthew Evans, partner at Hugh James, says: «Amateur executors may not want the money of the deceased to go outside of their immediate family and so take matters in their own hands distributing the assets as they see fit, even if that means they are acting contrary to their responsibilities as a legal executor.

Not exact matches

Upon dissolution or winding up of said corporation's affairs, whether voluntary or involuntary, all of its assets then remaining in the hands of the board of directors shall, after paying or making provision for payment of all of said corporation's liabilities, be distributed, transferred, conveyed, delivered, and paid over only to educational, scientific, literary, or charitable organizations that are exempt from federal income tax under section 501 (c)(3) of the Internal Revenue Code of 1986, as amended, and which are not private foundations within the meaning of section 509 (a) of the Internal Revenue Code of 1986, as amended, on whatever terms and conditions and in whatever amounts the board of directors may determine, for use exclusively for educational, scientific, literary, or charitable purposes, except that no distribution shall be made to organizations testing for public safety.

For all parties involved in transactions where assets change hands and can be altered without the purview of all interested parties, distributed ledgers are an answer.