TRUST FUND AND TRUSTEE Sample Clauses
The "Trust Fund and Trustee" clause establishes the creation of a trust fund and designates a trustee to manage and administer the assets held within that fund. Typically, this clause outlines the responsibilities and powers of the trustee, such as investing assets, making distributions to beneficiaries, and maintaining records. It may also specify the types of assets included in the trust and the standards the trustee must follow. The core function of this clause is to ensure that the trust assets are managed according to the settlor's intentions and to provide legal structure and oversight for the benefit of the trust's beneficiaries.
TRUST FUND AND TRUSTEE. All contributions to the DSLP will be transferred by the employer to a trust fund held by the Trustee. The trust fund will constitute a fund held by the Trustee and will not form any part of the revenue or assets of the employer. The employer shall not bear any administrate and/or processing expenses of the DSLP. The Trustee will cause contributions made to the DSLP to be invested as per the Membership Agreement. The Trustee, will, on an annual basis, pay interest to the employee on his/her accumulated investment. Such interest must be accounted for by the employee as income in the year of receipt. The Trustee will issue a Form T5 to each employee at the end of the year, detailing interest earned on his/her investment. The Trustee will make a semi-annual report, and an annual summary to each employee detailing the principal amount accrued in the DSLP, including any interest not yet paid out. During a participant’s leave, the Trustee will cause the accumulated principal amount plus any interest not previously paid out to be remitted to the participant in a form and frequency to be agreed between the two parties. The Trustee will issue a form T4 to each employee at the end of the calendar year(s) in which a leave is taken.
TRUST FUND AND TRUSTEE