Resolution No. 07 - Passed by Consensus

Tax Effective Delivery of VGFN Elder's Benefits

Whereas:  Watson Wyatt, the Trust's actuarial advisors, have
          projected substantial increases in the cost of
          delivering Elder's benefits in the form of individual
          cash payments and;
          
Whereas:  The existing cash payments made to Elders can have
          unfavorable tax implications for individuals and result
          in a decrease in individual benefits and increased
          personal tax liability;
          

Therefore be it resolved:  

That VGFN will work with CYFN, Watson Wyatt and Felesky Flynn to
investigate alternative means of delivering tax effective Elders'
benefits.

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