ART. 12, FISCAL REPORTS: The fiscal year of the Trustees shall end on the last day of each calendar year, at which time they should compile the annual summary of their records, disClosing assets and liabilities, receipts, disbursements and balance of funds carried, comparative profits and losses, with net inventories from whichto render lists and financial statements; summaries may be given to each beneficiary of record, read at their meetings or otherwise published for information. ART, 13. BENEFICIARIES MEETINGS: The Trustees,may, in their discretion, call the beneficiaries to meet annually or at other times, to hear and discuss reports and forecasts, and while beneficiaries may adopt resolutions of protest or commendation, no act of the beneficiaries as such shall be mandatory nor to justly guestion and rights control the of the Estate Trustees funds to and exclusively manage the affairs properties. ART. 14. DISTRIBUTIONAL ACCOUNTING SYSTEM: In the “Hulbert Plan" there is no issue and.sale of paper shares under that or any other name or pretense, nor any sale of interest in or fractions of the Estates; merely the expectancy thereunder being divided into fractions, the gross number and nominal or name value of each being predetermined and designated in this contract and in entries in the Register which is used to list beneficiaries; such gross number and name value never to be changed or increased. These fractions allotted as to beneficiaries in the Register shall be the guide enabling the Trustees to properly apportion each distribution and the summary thereof shall not be construed to be an index to the intrinsic values of the Estate. ART. 15. REGISTRATION & DORMANT FRACTIONS: Expectancy frac— tions under this administration shall at first be allotted in the records of the Board under instructions delivered to the Board by Joseph KE. Olsen. Should fractions appear dormant thereby, while held dormant they shall not be reckoned with when apportioning in distributions, such being computed solely by or upon the fractions registered as to beneficiaries at time of making each distribution. Dormant fractions, their usefulness being contingent upon possible future conveniences, remain subject to the discretion of the Trustees. every entry shall and ART. 16. BENEFICIARIES: The Trustees shall duly register known beneficiary hereunder, devoting to each a separate in their special register of beneficiaries. A Beneficiary be construed to be as one who tenants property, subject to without affecting the ownership of the Trustees all Estate properties are discretion, in whom vested. (7) management legal and and/or equitable absolute title to