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Note 8 - Capital
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12 Months Ended |
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Dec. 31, 2011
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| Stockholders' Equity Note Disclosure [Text Block] |
(8)
Capital
Certificates
of Proprietary Interest (Certificates) and Sub-share
Certificates in Certificates of Proprietary Interest
(Sub-shares) are exchangeable in the ratio of one Certificate
to 3,000 Sub-shares. No Certificates were exchanged for
Sub-shares in 2011 and 2010.
The
number of Certificates authorized for issuance at a given
date is the number then outstanding plus one/three-thousandth
of the number of Sub-shares then outstanding. The number of
Sub-shares authorized for issuance at a given date is the
number then outstanding plus three thousand times the number
of Certificates then outstanding.
On
July 2, 2007, the Trust split all outstanding Sub-shares
five-for-one, and in connection therewith changed the par
value of the Sub-shares from $.16-2/3 to
$.03-1/3. The split had no effect on Certificates
outstanding. All Sub-share and per Sub-share
amounts for periods presented in the accompanying financial
statements and notes thereto give effect to this
split.
The
Declaration of Trust was executed and delivered in New York.
In the opinion of counsel for the Trust, under the laws of
the State of New York, the Certificate and Sub-share
Certificate holders are not subject to any personal liability
for the acts or obligations of the Trust.
The
assets of the Trust are located in Texas. In the opinion of
Texas counsel, under the laws of the State of Texas, the
Certificate and Sub-share Certificate holders may be held
personally liable with respect to claims against the Trust,
but only after the assets of the Trust first have been
exhausted.
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