Additional and Separate Trustees Sample Clauses
The 'Additional and Separate Trustees' clause allows for the appointment of more than one trustee to manage a trust or estate. This provision typically outlines the process for adding new trustees, their powers, and how responsibilities are shared or divided among them. For example, it may specify that a new trustee can be appointed to handle specific assets or to act independently in certain matters. The core function of this clause is to provide flexibility in trust administration, ensuring that the trust can be effectively managed even if circumstances change or specialized expertise is needed.
Additional and Separate Trustees. (a) If the Owner Trustee or the Owner Participant shall conclude that it is necessary or prudent in order to conform to the law of any jurisdiction in which all or any part of the Trust Estate shall be situated, or to make or defend any claim or bring or defend any suit with respect to the Trust Estate or any Operative Agreement, or pursuant to advice of counsel satisfactory to it, or if the Owner Trustee shall have been instructed to do so by the Owner Participant, the Owner Trustee shall appoint another Person to act as additional or separate trustee for all or any part of the Trust Estate with such property, title, right, power or duty of the Owner Trustee as the Owner Trustee and the Owner Participant may determine. In case any such additional trustee or separate trustee shall resign or be removed, all the assets, property, rights, powers or duties of such additional trustee or separate trustee, as the case may be, so far as permitted by any applicable law, shall vest in and be exercised by a new successor to such additional trustee, appointed in the manner otherwise provided in this Trust Agreement.
(b) In the event that either the Owner Participant or the Owner Trustee shall determine to appoint another Person as additional or separate trustee, the Owner Trustee and the Owner Participant shall execute and deliver an agreement supplemental hereto, and all other instruments and agreements necessary or proper to constitute another bank or trust company, or one or more Persons approved by the Owner Trustee and the Owner Participant, either to act as an additional trustee or trustees of all or any part of the Trust Estate, jointly with the Owner Trustee, or to act as separate trustee or trustees of all or any part of the Trust Estate, in any such case with such powers of the Owner Trustee as may be provided in such agreement supplemental hereto, and to vest in such bank, trust company or Person as such additional trustee or separate trustee, as the case may be, any property, title, right or power of the Owner Trustee deemed necessary or proper by the Owner Trustee or the Owner Participant, subject to the remaining provisions of this Section 8.
Additional and Separate Trustees. 17 Section 11.