Custodian’s Powers Sample Clauses
The "Custodian’s Powers" clause defines the authority and responsibilities granted to a custodian in managing assets or property on behalf of another party. Typically, this clause outlines the specific actions the custodian may take, such as investing funds, making distributions, or handling administrative tasks related to the assets under their care. By clearly delineating the scope of the custodian’s authority, this clause ensures that all parties understand the custodian’s role and helps prevent disputes or unauthorized actions regarding asset management.
Custodian’s Powers. In accordance with the investment or other directions of the Partici- pant or the Participant’s authorized agent, the Custodian shall have the power or duty:
(a) To hold any securities or other property in the Custodial Account in the name of the Custodian or its nominee, or in another form as it may deem best, with or without disclosing the Custodian relationship;
(b) To retain any funds or property subject to any dispute with- out liability for the payment of interest and to decline to make payment or delivery of the funds or property until a court of competent jurisdiction makes final adjudication, and to pay all reasonable expenses and attorney’s fees which may be necessarily incurred by the Custodian with respect to the foregoing matter;
(c) To charge against and pay from the Custodial Account all taxes of any nature levied, assessed or imposed upon the Custodial Account, and to pay all reasonable expenses and attorney’s fees which may be necessarily incurred by the Custodian with respect to the foregoing matter;
(d) To file any tax return or information required of the Custo- dian, and to pay any tax, interest or penalty associated with any such tax return;
(e) To act pursuant to written blanket settlement authorization given by the Participant on transactions executed by his designated agent. The Custodian is authorized to honor all trade confirmations received from such agent;
(f) To furnish or cause to be furnished to the Participant an annual calendar year report concerning the status of the Account and such information concerning required mini- mum distributions as is prescribed by the Commissioner of Internal Revenue, including a statement of the assets of the Custodial Account held at the end of the calendar year; and
(g) To begin, maintain or defend any litigation necessary in connection with the administration of the Plan, except that the Custodian shall not be obliged or required to do so unless indemnified to its satisfaction.
(h) To return any third party funds that can be shown to Custo- dian’s satisfaction to have been sent in error or deposited to Participant account in error; and
(i) To amend this Custodial Account Agreement consistent with provisions of applicable law. Notwithstanding the provi- sions of Article VII, the Participant irrevocably delegates to the Custodian the power to amend this Custodial Account Agreement without any prior consent of the Participant upon 30 days prior written notice to the Participant setting forth s...
Custodian’s Powers. Subject to the terms of this Agreement and applicable law, the Sponsor, as Agent for the Custodian, shall have the power and authority in the administration of the Custodial Account to do all acts, to execute and deliver all instruments and to exercise for the benefit of the Participants and their Beneficiaries any and all powers which would be lawful were it in its own right the actual owner of the property held.
Custodian’s Powers. Subject to the terms of this Agreement and applicable law, the Custodian shall have all powers provided by any applicable statute and otherwise at law or in equity (including the common law) and duties set forth in this Custodial Agreement. The Custodian shall have all power and authority in the administration of the Custodial Account.
Custodian’s Powers. Subject to the restrictions stated by this Agreement (including its Part 7 [“Custodian’s restrictions” at page 6]), the Custodian has all powers provided by Applicable Law, and has the powers stated in this Part.
Custodian’s Powers. Subject to the limitations stated in Section 8.4 and otherwise by this Section 8, the Custodian has all powers provided by any applicable statute and otherwise at law or in equity (including the common law), and has the following specified powers in addition to and not by limitation upon any such powers.
(a) The Custodian delegates to the Sponsor authority to exercise any of the Custodian’s rights or powers under the investments. The Custodian shall oversee the Sponsor’s actions so as to have reasonable assurance that the investments are used according to the Plan and not for any improper use.
(b) The Sponsor has power to adjust, settle, contest, compromise and arbitrate any claims, debts, or damages due to owing to or from the Custodial Account, and to sue, commence, or defend any legal proceedings relating to the Custodial Account.