MACON-An Agreement between the Attorney General of the State of Georgia and NationsBank has paved the way for donations from the late W.T. Anderson estate to become a reality.
"We are delighted with this resolution because it enables us to move ahead with fulfilling Mr. Anderson's wishes," said Stephen Simpson, NationsBank senior vice president in Macon. "This is really about removing legal hurdles so we can begin helping the beneficiaries of Mr. Anderson's estate."
Both the Attorney General and NationsBank agreed it is in the best interests of the Anderson Trust beneficiaries to resolve all issues and move forward with implementation of the trust. The agreement does not signify any breach of fiduciary duty on the part of the Bank and settles any legal issues about management of the Anderson trust.
"Our goal has been to protect the interests of the people of Georgia and specifically, the beneficiaries of the Anderson Trust," said Attorney General Thurbert Baker. "The ability of the Trust to provide health care for indigent African Americans in Macon as required by the will is an extremely significant accomplishment.
As part of the agreement, the Attorney General's office has settled any questions it raised or which may be raised regarding the Anderson estate. In addition, NationsBank agreed to pay $150,000 into the principal of the Anderson Trust.
Simpson estimates that income from the Trust for the first grant selections will be approximately $100,000. In accord with Mr. Anderson's will, NationsBank has established the W. T. Anderson Charitable Trust Advisory Board to assist with grant application review by providing advice on eligible organizations, number and size of gifts. The first grants will be made within first quarter of 1998.
Both parties agreed that Mr. Anderson's heirs, Laura Nell O'Callaghan and Catherine Acker, should serve on the advisory board for their lifetimes. An invitation already has been extended by NationsBank and accepted by them.
In addition to Mr. Anderson's heirs, other members of the W. T. Anderson Charitable Trust Advisory Board are: Dr. Michael Early; Dr. Billy Hutchings; Dorothy Mathis; Zelma Redding; Charles Richardson; Willie Talton; and Dr. Melvin E. Walker, Jr.