Common use of Liability of Trustees Clause in Contracts

Liability of Trustees. 23.1 The Trustees are expressly authorised to exercise the powers of investment expenditure and acquisition conferred upon them notwithstanding that the Trust Fund may be subject to any liability or liabilities and the Trustees shall not be liable for any loss occurring on the realisation of any asset which pursuant to the exercise of those powers comprises part of the Trust Fund. 23.2 To the extent permitted by law no Trustee of the trusts of this Deed shall be subject to any duties except: a. The duty to act honestly and the duty not to commit wilfully any act known to be a breach; b. The duty not to omit wilfully any act when the omission is known by the Trustee to be a breach of trust; c. For the consequences of any act or omission or for any loss attributable to the Trustee's own dishonesty, or for the wilful commission by the Trustee of any act known by the Trustee to be a breach of trust. 23.3 No Trustee shall be bound to take any proceedings against a co-Trustee for any breach or alleged breach of trust by that co-Trustee. a. A Trustee shall be indemnified by and out of the Trust Fund (whether as to the capital or the income thereof) for and in respect of any loss or liability incurred by the carrying out or omission of any function duty or power of the Trustees under this Deed unless such loss or liability is attributable to such Trustees dishonesty or to the wilful commission by such Trustee of an act known by such Trustee to be a breach of trust or to the wilful omission by such Trustee of any act when that omission is known by the Trustee to be a breach of trust. b. The Board may effect insurance for the Trustees and will meet all costs associated with such insurance.

Liability of Trustees. 23.1 The Each Trustee shall use reasonable care to prevent a co-Trustee from committing a breach of fiduciary duty and the Trustees are expressly authorised authorized by this Trust Agreement to exercise allocate specific responsibilities, obligations or duties among Trustees, in which event a Trustee to whom certain responsibilities, obligations or duties have not been allocated shall not be liable, either individually or as a Trustee, for any loss resulting to the powers Plan arising from the act or omission on the part of investment expenditure another Trustee to whom such responsibilities, obligations or duties have been allocated. (a) If he participates knowingly in, or knowingly undertakes to conceal, an act or omission of such other fiduciary, knowing such act or omission is a breach; (b) If by his failure to comply with his obligation to discharge his duties with respect to the Plan solely in the interest of the participants and acquisition conferred beneficiaries thereof as provided herein in the administration of his specific responsibilities which gave rise to his status as a fiduciary, he has enabled such other fiduciary to commit a breach; or (c) If he has knowledge of a breach by such other fiduciary unless he makes reasonable efforts under the circumstances to remedy the breach. If an Investment Manager or Managers have been appointed herein, no Trustee shall be liable for the acts or omissions of such Investment Manager or Managers or be under obligation to invest or otherwise manage any asset of the Plan which is subject to the management of such Investment Manager or Managers. Nothing in this Trust Agreement shall preclude a Trustee or other fiduciary from purchasing insurance to cover liability for a breach of fiduciary responsibility from and for his own account, nor shall anything herein preclude an Employer or an employee organization from purchasing insurance to cover potential liability of one or more persons who serve in a fiduciary capacity with respect to the Plan. So long as the Trustees discharge their duties in accordance with the requirements of Section 1 of this Article: (a) The Trustees shall be fully protected in acting upon any instrument, certificate, or paper believed by them notwithstanding that to be genuine and to be signed or presented by the proper person or persons, and shall be under no duty to make any investigation or inquiry as to any statement contained in writing, but may accept the same as conclusive evidence of the Trust Fund may and accuracy of the statements therein contained. (b) Neither the Employers, nor the Union, shall in any way be subject to liable in any liability respect for any of the acts, omissions or liabilities and obligations of the Trustees, individually or collectively. (c) The Trustees shall not be liable in any respect for any loss occurring the failure to collect delinquent contributions when such failure is occasioned by an Employee's lack of timely, reasonable notice of such delinquency or failure or refusal to cooperate with the Trustees, the Administrator or legal counsel in the efforts to collect such delinquent contributions. Every instrument executed by the Trustees shall be conclusive evidence in favor of every person relying thereon: (a) That, at the time of the delivery of said instrument, the Trust was in full force and effect. (b) That the instrument was executed in accordance with the terms and conditions of this Agreement, and (c) That the Trustees were duly authorized and empowered to execute the instrument. The Trustees may from time to time consult with the Trust's legal counsel and shall be fully protected in acting upon such advice of counsel to the Trust as respects legal questions; acting on the realisation advice of any asset counsel shall be prima facie evidence that the Pension Trustee or Trustees have acted in good faith. The Trustees may employ and seek advice from a recognized actuarial consultant in connection with the delayed basis upon which pursuant to pension and retirement payments may be made consistent with the exercise of those powers comprises part sound administration, protection and maintenance of the Trust Fund. 23.2 To the extent permitted by law no Trustee of the trusts of this Deed Pension Trust, and shall be subject to any duties except: a. The duty to act honestly fully protected in acting and the duty not to commit wilfully any act known to be a breach; b. The duty not to omit wilfully any act when the omission is known by the Trustee to be a breach of trust; c. For the consequences of any act or omission or for any loss attributable to the Trustee's own dishonesty, or for the wilful commission by the Trustee of any act known by the Trustee to be a breach of trustrelying upon such advice. 23.3 No Trustee shall be bound to take any proceedings against a co-Trustee for any breach or alleged breach of trust by that co-Trustee. a. A Trustee shall be indemnified by and out of the Trust Fund (whether as to the capital or the income thereof) for and in respect of any loss or liability incurred by the carrying out or omission of any function duty or power of the Trustees under this Deed unless such loss or liability is attributable to such Trustees dishonesty or to the wilful commission by such Trustee of an act known by such Trustee to be a breach of trust or to the wilful omission by such Trustee of any act when that omission is known by the Trustee to be a breach of trust. b. The Board may effect insurance for the Trustees and will meet all costs associated with such insurance.

Liability of Trustees. 23.1 Each Trustee shall use reasonable care to prevent a co-Trustee from committing a breach of fiduciary duty and the Trustees are expressly authorized by this Trust Agreement to allocate specific responsibilities, obligations or duties among Trustees, in which event a Trustee to whom certain responsibilities, obligations or duties have not been allocated shall not be liable, either individually or as a Trustee, for any loss resulting to the Plan arising from the act or omissions on the part of another Trustee to whom such responsibilities, obligations or duties have been allocated. No Trustee shall be liable or responsible for a breach of fiduciary responsibility of another fiduciary with respect to the Plan except as such limitation of liability is not permitted by Section 404 of ERISA and except in the following circumstances: A. If he participates knowingly in, or knowingly undertakes to conceal, an act or omission of such other fiduciary, knowing such act or omission is a breach; B. If by his failure to comply with his obligation to discharge his duties with respect to the Plan solely in the interest of the Participants and beneficiaries thereof as provided herein the administration of his specific responsibilities which gave rise to his status as a fiduciary, he has enabled such other fiduciary to commit a breach; or C. If he has knowledge of a breach by such other fiduciary, unless he makes reasonable efforts under the circumstances to remedy the breach. If an Investment Manager or Managers have been appointed as provided herein, no Trustee shall be liable for the acts or omissions of such Investment Manager or Managers or be under an obligation to invest or otherwise manage any asset of the Plan which is subject to the management of such Investment Manager. The Trustees are expressly authorised also permitted, in accordance with Section 404(c) of ERISA and other governing law to choose to permit Participant or beneficiary exercise of control over the powers assets of his account, including direction of the investment expenditure of these assets. Nothing in this Trust Agreement shall preclude a Trustee or other fiduciary from purchasing insurance to cover liability for a breach of fiduciary responsibility from and acquisition conferred for his own account, nor shall anything herein preclude the Association, an Employer or the Union from purchasing insurance to cover potential liability of one or more persons who serve in a fiduciary capacity with respect to the Plan. So long as the Trustees discharge their duties in accordance with the requirements of Section 14.01of this Article: A. The Trustees shall be fully protected in acting upon any instrument, certificate, or paper believed by them notwithstanding that to be genuine and to be signed or presented by the Trust Fund may proper person or persons, and shall be subject under no duty to make any investigation or inquiry as to any liability statement contained in writing, but may accept the same as conclusive evidence of the truth and accuracy of the statement therein contained. B. Neither the Employers, nor the Union, shall in any way be liable in any respect for the acts, omissions or liabilities and obligations of the Trustees, individually or collectively. C. The Trustees shall not be liable in any respect for any loss occurring the failure to collect delinquent contributions when such failure is occasioned by an Employee’s lack of timely, reasonable notice of such delinquency or failure or refusal to cooperate with the Trustees, the Plan Manager or legal counsel in the efforts to collect such delinquent contributions. The Trustees may from time to time consult with the Trust's legal counsel and shall be fully protected in acting upon such advice of counsel to the Trust as respects legal questions; acting on the realisation advice of any asset counsel shall be prima facie evidence that the Retirement Trustee or Trustees have acted in good faith. The Trustees may employ and seek advice from a recognized consultant in connection with the delayed basis upon which pursuant to retirement payments may be made consistent with the exercise of those powers comprises part sound administration, protection and maintenance of the Trust Fund. 23.2 To the extent permitted by law no Trustee of the trusts of this Deed Retirement Trust, and shall be subject to any duties except: a. The duty to act honestly fully protected in acting and the duty not to commit wilfully any act known to be a breach; b. The duty not to omit wilfully any act when the omission is known by the Trustee to be a breach of trust; c. For the consequences of any act or omission or for any loss attributable to the Trustee's own dishonesty, or for the wilful commission by the Trustee of any act known by the Trustee to be a breach of trustrelying upon advice. 23.3 No Trustee shall be bound to take any proceedings against a co-Trustee for any breach or alleged breach of trust by that co-Trustee. a. A Trustee shall be indemnified by and out of the Trust Fund (whether as to the capital or the income thereof) for and in respect of any loss or liability incurred by the carrying out or omission of any function duty or power of the Trustees under this Deed unless such loss or liability is attributable to such Trustees dishonesty or to the wilful commission by such Trustee of an act known by such Trustee to be a breach of trust or to the wilful omission by such Trustee of any act when that omission is known by the Trustee to be a breach of trust. b. The Board may effect insurance for the Trustees and will meet all costs associated with such insurance.

Liability of Trustees. 23.1 26.1 The Trustees are Board is expressly authorised to exercise the powers of investment expenditure and acquisition conferred upon them it notwithstanding that the Trust Fund Assets may be subject to any liability or liabilities and the Trustees shall not be liable for any loss occurring on the realisation of any asset which pursuant to the exercise of those powers comprises part of the Trust FundAssets. 23.2 26.2 To the extent permitted by law no Trustee of the trusts of this Deed shall be subject to any duties except: a. (a) The duty to act honestly and the duty not to commit wilfully any act known to be a breach; b. (b) The duty not to omit wilfully any act when the omission is known by the Trustee to be a breach of trust;. c. For 26.3 To the consequences of any act or omission or extent permitted by law, no Trustee shall be liable for any loss attributable to suffered or incurred by the Trust unless the loss arises directly from the Trustee's own dishonesty, or for from the wilful commission by the Trustee of any act known by the Trustee to be a breach of trust, or from the wilful omission by such Trustee of any act when that omission was known by the Trustee to be a breach of the trust. 23.3 26.4 No Trustee shall be bound to take any proceedings against a co-Trustee for any breach or alleged breach of trust by that co-Trustee. a. 26.5 A Trustee shall be indemnified by and out of the Trust Fund Assets (whether as to the capital or the income thereof) for and in respect of any loss or liability incurred by the carrying out or omission of any function duty or power of the Trustees under this Deed unless such loss or liability is attributable to such Trustees Trustee’s dishonesty or to the wilful commission by such Trustee of an act known by such Trustee to be a breach of trust or to the wilful omission by such Trustee of any act when that omission is was known by the Trustee to be a breach of trust. b. 26.6 The Board may effect insurance for the Trustees and will meet all costs associated with such insurance.

Liability of Trustees. 23.1 The A trustee of the Board of Trustees are expressly authorised shall not be personally liable for any obligation to exercise pay any expense incurred by the powers Board of investment expenditure and acquisition conferred upon them notwithstanding that Trustees. A trustee of the Trust Fund may be subject to any liability or liabilities and the Board of Trustees shall not be liable or responsible for any loss occurring on the realisation acts of any asset which commission or omission of another fiduciary unless (a) the trustee knowingly participated or knowingly attempted to conceal the act or omission of another fiduciary and the trustee knew the act or omission was a breach of fiduciary responsibility by the other fiduciary; or (b) the trustee has knowledge of a breach by the other fiduciary and shall not make reasonable efforts to remedy the breach; or (c) the trustee’s breach of the trustee’s fiduciary responsibility permitted the other fiduciary to commit a breach. Except as set forth in the preceding sentence, a Trustee shall not be liable for a breach of a fiduciary responsibility or for the acts of omission or commission of an investment manager appointed pursuant to paragraph 5.5. From the exercise Fund’s assets, the Board of those powers comprises part Trustees shall indemnify a trustee against any and all claims, losses, damages, expenses and liabilities arising from any act of commission or omission on behalf of the Trust Fund. 23.2 To Fund if the extent permitted act is determined, by law no Trustee of the trusts of this Deed shall be subject to any duties except: a. The duty to act honestly and the duty either a court or neutral party, not to commit wilfully any act known to be a breach; b. The duty not to omit wilfully any act when the omission is known by the Trustee to be a breach of trust; c. For fiduciary responsibility by the consequences trustee. The indemnification shall include reasonable attorney’s fees and all other costs and expenses reasonably incurred by the trustee in defense of any action brought against the trustee arising from the act of commission or omission. The Board of Trustees may indemnify, from the Fund’s assets, a fiduciary or the Plan Manager against any and all claims, losses, damages, expenses and liabilities arising from any act of commission or omission if the act is determined, either by a court or for any loss attributable to the Trustee's own dishonestya neutral party, or for the wilful commission by the Trustee of any act known by the Trustee not to be a breach of trust. 23.3 No Trustee shall be bound to take any proceedings against a co-Trustee for any breach fiduciary responsibility by the fiduciary or alleged breach of trust by that co-Trustee. a. A Trustee shall be indemnified by the Plan Manager. The indemnification may include reasonable attorney’s fees and out all other costs and expenses reasonably incurred in defense of the Trust Fund (whether as to the capital or the income thereof) for and in respect of any loss or liability incurred by the carrying out or omission of any function duty or power of the Trustees under this Deed unless such loss or liability is attributable to such Trustees dishonesty or to the wilful commission by such Trustee of an act known by such Trustee to be a breach of trust or to the wilful omission by such Trustee of any act when that omission is known by the Trustee to be a breach of trustaction. b. The Board may effect insurance for the Trustees and will meet all costs associated with such insurance.