Common use of Custodian of Gold Coins Clause in Contracts

Custodian of Gold Coins. The Trust shall appoint a Custodian and may appoint Gold Custodian to hold the Gold Coins at a facility located in Canada and the U.S. The Custodian or Gold Custodian shall hold the Gold Coins in accordance with the terms and conditions of a custodial agreement including, but not limited to, that the Custodian or Gold Custodian, in carrying out its duties and obligations as Custodian or Gold Custodian, must exercise: (a) the degree of care, diligence and skill that a reasonably prudent person would exercise in comparable circumstances, or (b) at least the same degree of care as the Custodian or Gold Custodian exercises with respect to its own property of a similar kind, if this is a higher standard of care than the degree of care referred to in Subsection 17.5(a). Any Custodian or Gold Custodian shall be a resident of Canada for purposes of the Tax Act.