Charitable Trusts Clause Samples
The Charitable Trusts clause establishes the legal framework for creating and managing trusts dedicated to charitable purposes. It typically outlines the requirements for the trust's formation, the permissible types of charitable activities, and the responsibilities of trustees in administering the trust's assets. For example, it may specify that funds must be used exclusively for educational, religious, or public benefit projects, and require regular reporting to ensure compliance. The core function of this clause is to ensure that assets placed in trust are used appropriately for charitable objectives, providing legal oversight and accountability to prevent misuse.
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Charitable Trusts. The Company has initiated the establishment of two charitable trusts or equivalent not-for-profit entities, one to be established in Israel and one to be established in the United States or such other jurisdiction as may be determined by the Board (the "Charitable Trusts"), to each of which the Company intends to assign or transfer the equivalent of a 3% overriding royalty or equivalent net profits interest. The Employee shall bear direct executive responsibility for and represent the Company in all matters concerning the establishment and organization of the Charitable Trusts. In establishing the Charitable Trusts, the Company shall take all steps necessary to appoint the Employee as the Chairman of the board of trustees or board of directors or equivalent governing body as may be established to supervise the activities of the Charitable Trusts (the "Governing Bodies"). Nothing in the Agreement shall be deemed to estop the Employee from receiving compensation from either or both of the Charitable Trusts in such manner and amounts as shall be determined in accordance with the organizational documentation of each of the Charitable Trusts. The Employee's term as Chairman of the Governing Bodies shall not be coextensive with the Term of this Agreement, as defined below, and the Company shall take all steps in connection with establishing the Charitable Trusts to provide in their organizational documents that the Employee's appointment as Chairman of the Governing Bodies shall be for such period as he is competent, physically and mentally, to serve as Chairman, and is not guilty of willful misconduct of any nature that would disqualify him to serve in the capacity of chairman or a member of the governing body of a not-for-profit, charitable organization.
Charitable Trusts. Prior to the Time of Distribution, Rockwell Coll▇▇▇ ▇▇▇ll have established the Rockwell Coll▇▇▇ ▇▇▇ritable Trust. Prior to the Time of Distribution, Rockwell shall cause $[ ] to be transferred from the Rockwell Charitable Trust to the Rockwell Coll▇▇▇ ▇▇▇ritable Trust. Prior to the Time of Distribution, Rockwell shall cause to be transferred to the Rockwell Coll▇▇▇ ▇▇▇ritable Trust, and Rockwell and Rockwell Coll▇▇▇ ▇▇▇ll cause the Rockwell Coll▇▇▇ ▇▇▇ritable Trust to assume, the commitments of the Rockwell Charitable Trust set forth on Schedule 3.14.
Charitable Trusts. Charitable Trust includes any charitable remainder trust created under Internal Revenue Code Section 664 or any charitable income trust created under Treasury Regulations Section 1.170A-6(c); Treasury Regulations Section 25.2522(c); or Treasury Regulations Section 20.2055-2(e).