SAnte, Chapters X and XI. 4Mallory v. Russell (1887), 71 Iowa 102, 60 Am. Rep. 726. CHAP, xix.] "MASSACHUSETTS TRUSTS'' [ 153. Might have been additionally said that there is also an advantage in these agreements containing clauses for amendment so as to make them conform to future conditions. The popularity of these real estate trusts most probably influenced the application of agreements of trusts, with interests represented by transferable shares, to authorized lines of corporate activity. Therefore "voluntary unincorporated associations for the purpose of carrying on industrial enterprises" Were formed in Massachusetts. The Commissioner says that: "In the course of this investigation not more than a dozen of these industrial trusts have been brought to my (his) attention," And "most if not all of them have been reorganized from the corporate form, for the purpose of avoiding publicity of the affairs of a business closely held, for the greater flexibility of management, and to avoid liability for the federal income tax." As in this chapter we are endeavoring to present the practical side of the business trust, the experience of those who have employed the trust method in business should be noted. The Commissioner says: "The advantages which it is claimed accrue to the industrial and real estate trusts have principally to do with the greater freedom of managing the affairs of the trust. They may be stated generally as follows: 1. These associations have been found by the experience of twenty-five years to be a convenient, safe and unobjectionable method of co-operative ownership and management. They are for the interest alike of the investor and the public. 2. The form of organization ensures a continuity of management and control which appeals strongly to investors in real estate which cannot be secured by a corporation with changing officers. The trustees who are the managing officers of a trust are not so likely to be changed as are the officers of a corporation. 3. It affords a more economical and more convenient and flexible form of management than does a corporation. Trustees can transact business with more ease and rapidity than directors."...

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