OF GONEN STATUTORY TRUST
(A Wyoming Statutory Trust — Series Real Estate Fund)
Resolution Overview
To establish a dedicated bank account for Gonen Statutory Trust (or a specific Series designated under it) pursuant to the Wyoming Statutory Trust Act (W.S. § 17-23-101 et seq.), the Trustee(s) must formally adopt a resolution authorizing the opening of accounts, designated signers, and financial operations.
Below is a complete, standardized Trustee Resolution template tailored for a Wyoming Series Statutory Trust real estate fund.
FORM OF TRUSTEE RESOLUTION
RESOLVED, that the undersigned Trustee(s) of Gonen Statutory Trust, a statutory trust organized and existing under the laws of the State of Wyoming (the “Trust”), including any applicable Series established thereunder pursuant to its Governing Instrument, hereby adopt the following resolutions by unanimous written consent:
1. Authorization to Open Account(s)
WHEREAS, it is deemed in the best interest of the Trust and its Series to establish banking facilities to manage capital, deposits, distributions, and operational expenses for its real estate investments;
NOW, THEREFORE, BE IT RESOLVED, that [Insert Financial Institution Name, e.g., Chase Bank / local bank] (the “Bank”) is hereby designated as an authorized depository for the funds of:
- [ ] The Main Trust: Gonen Statutory Trust
- [ ] Specific Series: Gonen Statutory Trust — Series [Insert Series Name/Number, e.g., Series A / 101 Main St Series]
2. Designation of Authorized Signers
BE IT FURTHER RESOLVED, that the following individual(s) are hereby designated as Authorized Signers on behalf of the Trust/Series with full authority to open, maintain, sign, draw upon, transfer funds from, and execute documents relating to any checking, savings, money market, or reserve accounts at the Bank:
- Name: ___________________________________ Title: Trustee / Authorized Officer / Manager Specimen Signature: ___________________________________
- Name: ___________________________________ Title: Trustee / Authorized Officer / Manager Specimen Signature: ___________________________________
3. Scope of Banking Authority
BE IT FURTHER RESOLVED, that the Authorized Signers, acting [ ] Individually / [ ] Jointly (Two Signatures Required), are empowered on behalf of the Trust to:
- Deposit funds, checks, and negotiable instruments into the account.
- Sign checks, drafts, electronic fund transfers (ACH/Wire), and withdrawal orders.
- Execute online banking agreements, wire transfer agreements, and treasury management agreements.
- Endorse checks and commercial paper for deposit or collection.
4. Notice of Limitation of Liability (Wyoming Series Protection)
BE IT FURTHER RESOLVED, that pursuant to Wyoming Statute § 17-23-115, the debts, liabilities, obligations, and expenses incurred, contracted for, or otherwise existing with respect to a particular Series shall be enforceable against the assets of such Series only, and not against the assets of the Trust generally or any other Series established thereunder.
5. Revocation & Certificate of Authenticity
BE IT FURTHER RESOLVED, that these resolutions shall remain in full force and effect until formal written notice of revocation or amendment by the Trustee(s) is delivered to and acknowledged by the Bank.
TRUSTEE CERTIFICATION
The undersigned Trustee(s) hereby certify that the foregoing resolutions were duly adopted on [Date: Month Day, Year], in accordance with the Governing Instrument of Gonen Statutory Trust and the laws of the State of Wyoming, and that said resolutions have not been modified or rescinded.
IN WITNESS WHEREOF, the undersigned have executed this Resolution as of the date written below.
TRUSTEE(S):
Signature: ______________________________________
Printed Name: ___________________________________
Title: Trustee, Gonen Statutory Trust
Date: ________________________
(If additional Trustees exist:)
Signature: ______________________________________
Printed Name: ___________________________________
Title: Trustee, Gonen Statutory Trust
Date: ________________________
Key Considerations for Wyoming Series Banking
- Separate Account per Series: Under Wyoming law, to maintain limited liability insulation between series, each series must maintain separate financial records and distinct bank accounts (e.g., “Gonen Statutory Trust – Series 1”). Mixing series funds in one account risks breaching the liability shield.
- Bank Requirements: Most commercial banks will require this executed resolution along with:
- The Certificate of Trust filed with the Wyoming Secretary of State.
- The Governing Instrument / Trust Agreement (or relevant extracts establishing the Series).
- The Employer Identification Number (EIN) for the specific Series (or main trust, depending on tax structure).