X-Message-Number: 16038
Date: Tue, 10 Apr 2001 17:41:13 EDT
Subject: Nord's questions

There were two questions included in Thomas Nord's #16033, 16034:

1. Does the "democratic" structure of CI make it vunerable to takeovers?

We have some pretty good built-in protections. First, our charter and by-laws 
make it difficult to change our basic purposes and structure. Second, voting 
membership is limited to those who pay voting dues, which also involve a 
waiting period, so no coterie could suddenly join and take over. Third, the 
Board of Directors consists of nine members, with rotating three-year terms, 
so the Board cannot suddenly change its character--only three directors, at 
most, could be voted out in a given year. 

What would be the incentive for an attempted take-over? Nobody in CI makes a 
nickel out of it, except our small paid staff, who cannot be directors. The 
only way anyone could milk money out of CI would be through fraud, and there 
are both external and internal preventives in place.

2. Funding through bank accounts or with investments or other assets:

Many U.S. banks have available a standard form (P.O.D., pay on death; or TOD, 
transfer on death) whereby the account remains fully under the control of the 
member until his death, whereupon it becomes the property of CI to fund his 
suspension. This can also be done with some brokerage accounts.

We have available on request an approved form of "living trust" whereby the 
member can put almost any type of asset into trust, retaining control while 
he lives, the assets passing to CI when he dies. We have not posted this to 
our web site, for fear some browsers might think it is a requirement and be 
discouraged. It is not a requirement--only an alternative method of funding. 
It should be used with the advice and help of your own attorney, but the 
basic work has been done for you.

Robert Ettinger
Cryonics Institute
Immortalist Society

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