Common use of Appointment of Conservator/Trustee Clause in Contracts

Appointment of Conservator/Trustee. Notwithstanding any other provision of the Contract, in the event that the College President, in his or her sole discretion, determines that the health, safety and welfare of Academy students, property or funds are at risk, the College President, after consulting with the College Board Chairperson, may appoint a person to serve as the Conservator of the Academy. Upon appointment, the Conservator shall have all the powers of a Board of Directors of a Public School Academy and act in the place and stead of the Academy Board. The College President shall appoint the Conservator for a definite term which may be extended in writing at his or her discretion. During the appointment, the Academy Board members and their terms in office are suspended and all powers of the Academy Board are suspended. All appointments made under this section must be presented to the College Board for final determination at its next regularly scheduled meeting. During their appointment, the Conservator shall have the following powers: (a) take into his or her possession all Academy property and records, including financial, Academy Board, employment and student records; (b) institute and defend actions by or on behalf of the Academy; (c) continue the business of the Academy including entering into contracts, borrowing money, and pledging, mortgaging, or otherwise encumbering the property of the Academy as security for the repayment of loans. However, the power shall be subject to any provisions and restrictions in any existing credit documents; (d) hire, fire, evaluate and discipline employees of the Academy; (e) settle or compromise with any debtor or creditor of the Academy, including any governmental or taxing authority; (f) review all outstanding agreements to which the Academy is a party and to take those actions which the Academy Board may have exercised to pay, extend, rescind, renegotiate or settle such agreements as needed; and (g) perform all acts necessary and appropriate to fulfill the Academy’s purposes as set forth under this Contract or Applicable Law.