-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, O//9b1irdaUp//au0YVIDthnOCvBwrzzOxuwiN0G6UxRj6se3IG9fhQw7OtdCZif l4kA77D5UWJ0o2CRoDRulw== 0000020199-09-000026.txt : 20090807 0000020199-09-000026.hdr.sgml : 20090807 20090807134505 ACCESSION NUMBER: 0000020199-09-000026 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20090803 ITEM INFORMATION: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers FILED AS OF DATE: 20090807 DATE AS OF CHANGE: 20090807 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CHURCH LOANS & INVESTMENTS TRUST CENTRAL INDEX KEY: 0000020199 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 756030254 STATE OF INCORPORATION: TX FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-08117 FILM NUMBER: 09994692 BUSINESS ADDRESS: STREET 1: 5305 I-40 W CITY: AMARILLO STATE: TX ZIP: 79106 BUSINESS PHONE: 8063583666 MAIL ADDRESS: STREET 1: P O BOX 8203 CITY: AMARILLO STATE: TX ZIP: 79106 8-K 1 ceoworkingonterms_8k.htm ITEM 5.02 Item 5.02


United States
Securities and Exchange Commission

 

Washington, D.C. 20549

 

____________

 

FORM 8-K

 

Current Report

 

Pursuant to Section 13 or 15(d) of

The Securities Exchange Act of 1934

Date of Report: August 7, 2009

 

Commission File No. 0-8117

 

____________

 

CHURCH LOANS & INVESTMENTS TRUST

®

 

(Exact name of registrant as specified in its charter)

 

 

Texas

 

75-6030254

(State or other jurisdiction of
incorporation or organization)

 

(IRS Employer
Identification No.)

 

 

 

5305 W Interstate 40, Amarillo, Texas

 

79106-4759

(Address of principal executive office)

 

(Zip Code)

 

 

 

(806) 358-3666

(Issuer’s telephone number including area code)

 

____________

 





Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.


Effective as of August 3, 2009, Kelly Archer is no longer serving as the Principal Executive Officer, President or an employee of the Trust.  The Trust is in negotiations with Mr. Archer on the terms of a Severance Agreement that, if agreed to, would determine the characterization of Mr. Archer’s departure from the Trust.    


The Board of Trust Managers has appointed Bill R. McMorries as the acting, interim Principal Executive Officer and President.  Mr. McMorries, age 82, is a consulting engineer and has served as a member of the Board of Trust Managers since 1963. Mr. McMorries also serves as the Chairman of the Board of Trust Managers and has served in such capacity for 16 years.  


It is the understanding of the Board of Trust Managers and Mr. McMorries that he will serve as the acting, interim Principal Executive Officer and President while the Board of Trust Managers conducts an appropriate search for a permanent Principal Executive Officer and President. The Board of Trust Managers anticipates that the process of selecting a permanent Principal Executive Officer and President may take a longer period of time than Mr. McMorries is willing to serve as the interim Principal Executive Officer and President. Therefore, the Board of Trust Managers is also considering persons to serve as interim Principal Executive Officer and President during a more extended period of time while a search for a permanent Principal Executive Officer and President is conducted.


There are no family relationships between Mr. McMorries and any other member of the Board of Trust Managers.


Mr. McMorries holds 423,672 shares of beneficial interest in the Trust.  The Trust has entered into Master Note agreements (which are unsecured debt instruments owing by the Trust) with Mr. McMorries and related persons in the amount of $3,195,719 as of June 30, 2009. The Trust pays interest on the outstanding amounts owing on such Master Note agreements at the rate of 1.25% less than the prime lending rate of the Amarillo National Bank but not less than 3%. The terms of these Master Note agreements are the same as Master Notes entered into with other unrelated persons except as to the amounts thereof.



SIGNATURES



Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


 

CHURCH LOANS & INVESTMENTS TRUST

 

 

 

Date: August 7, 2009

By:

/s/ B. R. McMorries, Chairman

 

 

Board of Trust Managers







 -----END PRIVACY-ENHANCED MESSAGE-----