e207 Canada Bivd., Glendale, California, December 28, 1935. de Me & Me Se Browning First Security Ogden, Utahe Coe, Bldg., Gentlemens: Enclosed stock on herewith issued your books to you will me in on find September accordance with certificate #61 for 18, 1918. the instructions I desire 535 shares you to this stock contained, and, in and exemptions on of December 1935. this please herein order that I may get the benefit of current taxes have the transfer completed on or before the 3lst "Issue two (2) certificates to"BROWNING-OLSEN TRUSTEES trustees’ Show this designation on each certificate. ificate for 565 shares and one for 172 shares. There is also enclosed stock in the Lion manner before the herewith certificate Coal Company. Please close of the current of preferred transfer LID., Issue #1005 for 22 have this year. stock transferred shares a board of one cert- of the Capital in the same After considerable study of the likelihood of ever increasing taxes on estates and knowing how deeply even existing taxes cut into the average estate upon the death of the owner I have concluded to set my holdings up in a Special "Contract of administration" and convey my holdings to a Board:.of Trustees, which will be known as BROWNING-OLSEN TRUSTEES LTD., which name is selected as a means of identifying the arrangement. The board as present constituted consists of Joe, Elsie and Neff. As soon as the proper filing and recordings have been made I will obtain resignations from Neff and Elsie and desire to have Val and Marriner, or Val and Jack substituted for theme However, to expedite completion of this arrangement I have been obliged to use temporary trustees so as to get my declarations and contracts of conveyance properly recorded during this year, otherwise I would not get the benefit of present tax rates and exemptions. As soon as this is completed I will have a copy of the various documents forwarded there for my file with you so that you may have my tax reports made out as heretofore. I will also give you all special instructions for your guidance as to everything you will need to guide you in all of our relations. This will not effect anything except my status in event of death. Of course, in theory it does change my status, but by the method of conducting the affairs of the frustee arrangement it will not actually change it. Now please get the stock transfers made for me during the present your records show this done so that I may make my declarations to taxing bodies and be protected. Please spell Olsen with and "sen" With very best wishes to all. Sincerely, Ee $3. Tex, Carrie Browning Olsen. eo year and have the various and not "son".