Common use of Election Statement Clause in Contracts

Election Statement. The election statement must include— (A) The name, address, and taxpayer identification number of the trust, the potential current beneficiaries, and the S corporations in which the trust cur- rently holds stock. If the trust includes a power described in paragraph (m)(4)(vi)(B) of this section, then the election statement must include a statement that such a power is in- cluded in the instrument, but does not need to include the name, address, or taxpayer identification number of any particular charity or any other infor- mation regarding the power. (B) An identification of the election as an ESBT election made under sec- tion 1361(e)(3); (C) The first date on which the trust owned stock in each S corporation; (D) The date on which the election is to become effective (not earlier than 15 days and two months before the date on which the election is filed); and (E) Representations signed by the trustee stating that— (1) The trust meets the definitional requirements of section 1361(e)(1); and (2) All potential current beneficiaries of the trust meet the shareholder re- quirements of section 1361(b)(1); for the purpose of this paragraph (m)(2)(ii)(E)(2), an NRA potential cur- rent beneficiary does not violate the requirement under section 1361(b)(1)(C) that an S corporation cannot have an NRA as a shareholder.