KONSTANTINOS LIVADAS - CHARITATOS TRUST FUND

The Konstantinos Livadas - Charitatos Trust Fund was established by the secret Will of the late K. Livadas - Charitatos, dated December 19th 1886.

The benefactor at that time disposed the amount of 140.000 drachmas with the stated purpose of disposing the annual interest accrued on this amount , as follows:
a)For the endownment of two needy young ladies (at the amount of 1000 drachmas each) who had been born in Angonas - Thinia. If no Angona - born young ladies met the conditions, theν the endownment would go to needy young ladies from Zola. The young ladies had to be between 15 and 30 years old, and, orphans would be given priority for the endownment.
b) For trasportation costs of the Trust Fund Board to Angona (150 drachmas)
c) For the Clergymen's Fund (600 drachmas)
d) For the support of Cephalonia Hospital which was to receive the remaining interest amount.

The Will defined that theTrust Fund Executive Committee would be composed of:
a) The Metropolitan of Cephalonia
b) The Prefect of Cephalonia
c) The District Attorney of Cephalonia
d) The President of the Thinia town council (since the dissolvement of the Thinia Municipality, he has been replaced by the President of the Angona local board).
The effect of Law 18/1944 caused the capital amount of the trust fund to be greatly diminished as was the case with all other foundation and trust fund monies that were in drachmas.

However, what was finally salvaged were 126 Real Estate Bank stocks which acted as the base for the formation of a new capital sum after the war, and which enabled the Trust Fund to be redefined.

The first dividents in 1957-1962 amounted to 11.380 drachmas and were deposited on October 19th 1963 in an interest-bearing account at the Argostoli branch of the National Bank, on the initiative of then Secretaty of the Holy Metropolis Mr. Gerasimos Stamatatos, during the Presidency of then Metropolitan of Cephalonia Ierotheos.

At different times since then, funds were invested in stocks (mainly of the Real Estate Bank and the National Bank), which due to their increases in capital, increased in number of actual shares as well.

The Executive Committee of the Trust Fund, under the presidency of Metropolitan of Cephalonia Spyridon, decided on April 15th 1986 to petition the Athens Circuit Court to alter the Will of the late Konstantinos Livadas - Charitatos.

The Circuit Court responded to the petition with decision no. 8015/1987 in favor of the petition. Based on this court decision, a new Trust Fund Charter was drawn up and sent to The Ministry of Finance, and which in turn put forth the following Decrees:
a) Dated October 4th 1989 under the title: "Approval of formation of a non-profit organization named LIVADAS-CHARITATOS TRUST FUND and ratification of same in FEK Β/756/6-10-1989) and
b) Dated July 4th 1992 under the title: "Alteration of the organization named LIVADAS - CHARITATOS TRUST FUND ratified by 4-10-1989 Presidential Decree" (FΕΚ Β/ 476/23-7-1992).

As a result, the purposes of the Trust Fund are stated as the disposition of:
a)70% from the annual interest accrued for the financial support of two young ladies to be wed, who are needy, preferably orphans, and were born and live in the town of Angona. If for wherever reasons these two persons are not found, then two young ladies from Zola aged between 15-30.
And
b) 30% from the annual interest accrued will remain undisposed and will be retained for the purpose of increasing the capital in order to get better returns. (article 2.)
The Executive Committee is currently composed of:
a) The Metropolitan of Cephalonia Spyridon, President
b) The Prefect of Cephalonia, Mr. Dionysis Georgatos
c) The District Attorney of Cephalonia, Mr. Panagiotis Athanasiou
d) The President of the local board of the region of Angona in Argostoli Municipality, Mr. Gerasimos Augustiniatos.
Mr. Gerasimos Stamatatos is Acting Secretary.

Since 1990, 24 young ladies have been selected to receive aid. From them, 12 have been married and received the amount, 2 have been disqualified as not having married after all and their stipends were returned to the Fund. The amounts for the remaining 14 have been deposited to National Bank savings accounts in their name, to be collected - should they marry befare the age of 30.
As of January 2002, the Trust Fund's estate is as follows:
a) 16.617 National Bank stocks, kept in the bank's main branch
Β) 118.115 shares of the Mutual Fund "DELOS", kept at the Mutual Fund Company of the National Bank
Γ) Cash amounting to € ΕΥΡΩ 51. 324,29 deposited in a National Bank savings account no. 315/296004-42 in the name of the Trust Fund.