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Related Party Transactions
 9 Months Ended
Sep. 30, 2016
Related Party Transactions [Abstract]  
Related Party Transactions

6. RELATED PARTY TRANSACTIONS

 

The Trust and its subsidiaries have hired Morrison Cohen, LLP (“Morrison Cohen”) as their legal counsel with respect to general corporate matters and the litigation with NSC. The spouse of the Trust’s Chairman, CEO, Secretary and Treasurer is a partner at Morrison Cohen. During the quarter ended September 30, 2016, Power REIT (on a consolidated basis) paid approximately $22,000 in legal fees and costs to Morrison Cohen in connection with various legal matters, including the litigation with NSC.

 

A wholly-owned subsidiary of HBP provides the Trust and its subsidiaries with office space at no cost.

 

Under the Trust’s Declaration of Trust, the Trust may enter into transactions in which trustees, officers or employees have a financial interest, provided however, that in the case of a material financial interest, the transaction is disclosed to the Board of Trustees or the transaction shall be fair and reasonable. After consideration of the terms and conditions of the retention of Morrison Cohen described herein, the independent trustees approved the hiring of Morrison Cohen as counsel, determining such arrangement to be fair and reasonable and in the interest of the Trust.