What's The Difference Between Capital Interest Certificates & Beneficial Interest Certificates
Capital Interest Certificates (CIC) are issued based on an exchange (outside funding) going into the trust res - think of it like a stock. Beneficial Interest Certificates (BIC) are issued based on the Board of Trustees decisions and the trust indenture specifying a beneficiary. Beneficial Interest Certificates are for the beneficiaries only. All certificates are non-par value (no value established).
EXAMPLE: Imagine a trustee exchanged 10x pieces of silver into the trust for 10x Capital Interest Certificates. Now imagine the trustees gave 5x pieces of silver to the beneficiary for some reason. The trustee will still have 10x Capital Interest Certificates. But if the trust vested today, those CICs (like stock) will pay out LESS than what was exchanged in for them. If the trust lent 5x silver pieces and made 7x silver pieces back, the CICs (like stock) will have increased in value.