Discretionary Powers and Duties of Trustee Sample Clauses

Discretionary Powers and Duties of Trustee. Subject to the provisions and limitations contained elsewhere herein, in administering the Trust, the Trustee shall be specifically authorized in its sole administrative discretion to: (a) Appoint subtrustees or depositories, domestic or foreign (including affiliates of the Trustee), as to part or all of the Fund, except that the indicia of ownership of any asset of the Fund shall not be held outside the jurisdiction of the xxxxxxxx xxxxxx xx xxx Xxxxxx Xxxxxx unless in compliance with Section 404(b) of ERISA and regulations thereunder; (b) Appoint one or more individuals or corporations as a custodian of any property of the Fund and, as part of its reimbursable expenses under this Agreement, to pay the reasonable compensation and expenses of any such custodian; (c) Hold property in nominee name, in bearer form, or in book entry form, in a clearinghouse corporation or in a depository (including an affiliate of the Trustee), so long as the Trustee's records clearly indicate that the assets held are a part of the Fund; (d) Collect income payable to and distributions due to the Fund and sign on behalf of the Trust any declarations, affidavits, certificates of ownership and other documents required to collect income and principal payments, including but not limited to, tax reclamations, rebates and other withheld amounts; (e) Collect proceeds from securities, certificates of deposit or other investments which may mature or be called and surrender such securities at maturity or when called; provided, however, that the Trustee shall not be liable for failure to surrender any security for redemption prior to maturity or take other action if notice of such redemption or other action was not provided to the Trustee by the issuer, the Named Fiduciary or one of the nationally recognized bond or corporate action services to which the Master Trustee subscribes; (f) Exchange securities in temporary form for securities in definitive form, and to effect an exchange of shares where the par value of stock is changed; (g) Submit or cause to be submitted to the Named Fiduciary, on a best efforts basis, all information received by the Trustee regarding ownership rights pertaining to property held in the Fund; (h) Attend to involuntary corporate actions; (i) Determine, or cause to be determined, the fair market value of the Fund daily, or for such other period as may be mutually agreed upon, in accordance with methods consistently followed and uniformly applied; (j) Render peri...

Discretionary Powers and Duties of Trustee. The ESOP Trustee is authorized and empowered in its sole discretion: (a) To establish accounts in the commercial department of LaSalle National Bank and in such other banks and financial institutions for the payment of benefits or other amounts under each Plan. (b) To hold securities or other property in the name of the ESOP Trustee or its nominee or nominees, or in such other form as it determines best, with or without disclosing the trust relationship, provided the records of the ESOP Trustee shall indicate the actual ownership of such securities or other property. (c) To deposit securities with a clearing corporation as defined in Article 8 of the Illinois Uniform Commercial Code; to hold the certificates representing securities, including those in bearer form, in bulk form with and to merge such certificates into certificates of the same class of the same issuer which constitute assets of other accounts or owners, without certification as to the ownership attached; and to utilize a book-entry system for the transfer or pledge of securities held by the ESOP Trustee or by a clearing corporation, provided that the records of the ESOP Trustee shall indicate the actual ownership of the securities and other property of the ESOP Trust. (d) To participate in and use the Federal Book-entry Account System, a service provided by the Federal Reserve Bank for its member banks for deposit of Treasury securities. (e) To furnish to the Company an annual written account for the period ending each December 31 and accounts for such other periods as may be required by any Employer or Committee for the relevant Plan within thirty (30) days of the close of any such period, showing the net worth of the relevant Plan's interest in the ESOP Trust at the end of the period, all investments, receipts, disbursements, and other transactions made by the ESOP Trustee during the accounting period, and such other information as the ESOP Trustee may possess which any Employer requires in order to comply with the reporting requirements of the Code or ERISA, and any such account shall be conclusive on all persons unless an exception thereto is filed with the ESOP Trustee within sixty (60) days of the receipt of the account; to keep and maintain records necessary to comply with the requirements of this subparagraph and with the requirements of any applicable law including the valuation requirements set forth in subparagraph II-3(c); and to permit the Employers and the Committee for each Pl...