Annual report pursuant to Section 13 and 15(d)

Note 8 - Capital

v3.6.0.2
Note 8 - Capital
 12 Months Ended
Dec. 31, 2016
Notes to Financial Statements  
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
2016
and
2015.
 
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.
 
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.