Trust Governance Sample Clauses
The Trust Governance clause establishes the framework and rules for managing and overseeing the operations of a trust. It typically outlines the roles and responsibilities of trustees, the procedures for decision-making, and the mechanisms for resolving disputes or making amendments to the trust's terms. For example, it may specify how trustees are appointed or removed, how meetings are conducted, and what reporting obligations exist. The core function of this clause is to ensure that the trust is administered in an orderly, transparent, and accountable manner, thereby reducing the risk of mismanagement or conflicts among stakeholders.
Trust Governance. The Union Benefits Trust (Trust) established on January 27, 1993, shall remain in effect for the duration of this Agreement for the purpose of offering dental, life, vision and other designated benefits to State of Ohio bargaining unit employees and their dependents. With the concurrence of the State Trustee, which shall not be unreasonably withheld, the Trust may also offer and administer benefits for non-state public sector employee participants provided that the Employer incurs no expense or liability as a result of such action. In the event such benefit plans are extended to non- state employee groups, appropriate separate accounting shall be incorporated by the Trust to clearly identify fund impacts. The Union Benefits Trust shall be governed by a Board of Trustees selected in accordance with the Trust Agreement executed on January 27, 1993, as amended from time to time. Trustees who are State employees in active pay status will receive time off with pay at their regular rate to participate in Trust meetings and conferences. The Management co-chair of the JHCC established pursuant to Article 20, or an alternate designated by OCB, shall serve as a member of the Board of Trustees. The Trustees shall be responsible for establishing rules, regulations, and definitions of eligibility concerning Trust-provided benefits for its participants and shall have fiduciary responsibility for the administration of the Trust pursuant to the Trust Agreement and the laws of the State of Ohio. The Trust shall have the right to establish contracts with administrators and carriers for benefits and other business purposes.
Trust Governance. The OCSEA Benefits Trust (Trust) established on January 27, 1993, shall remain in effect for the duration of this Agreement for the purpose of offering dental, life, vision and other designated benefits to State Of Ohio bargaining unit employees and their dependents. With the concurrence of the State Trustee the Trust may also offer and administer benefits for non-state public sector employee participants provided that the Employer incurs no expense or liability as a result of such action. The OCSEA Benefits Trust shall be governed by a Board of Trustees selected in accordance with the Trust Agreement executed on January 27, 1993, as amended from time to time. Trustees who are State employees in active pay status will receive time off with pay at their regular rate to participate in Trust meetings and conferences. The Management co-chair of the JHCC established pursuant to this Article, or an alternate designated by OCB, shall serve as a member of the Board of Trustees. The Trustees shall be responsible for establishing rules, regulations, and definitions of eligibility concerning Trust-provided benefits for its participants and shall have fiduciary responsibility for the administration of the Trust pursuant to the Trust Agreement and the laws of the State of Ohio. The Trust shall have the right to establish contracts with administrators and carriers for benefits and other business purposes.
Trust Governance. 7.1. The liquidation trust shall be administered by a trustee selected by the liquidation trust’s board of advisors (“Board”). The Board shall have three members. Until the DIP Superpriority Obligations and Residual Claim are paid in full, Chase shall have (i) the right to appoint one of the members of the Board and (ii) shall have consent rights over the selection of the trustee and any replacement trustee. The remaining two board members shall be selected in accordance with a mechanism to be determined. The initial trustee shall be ▇▇▇▇▇ ▇▇▇▇▇▇▇.
Trust Governance. The OCSEA Benefits Trust (Trust) established on January 27, 1993, shall remain in effect for the duration of this Agreement for the purpose of offering vision and other designated benefits to bargaining unit employees and their dependents. The OCSEA Benefits Trust shall be governed by a Board of Trustees selected in accordance with the Trust Agreement executed on January 27, 1993, as amended from time to time. The Management co-chair of the JHCC established pursuant to this Article, or an alternate designated by OCB, shall serve as a member of the Board of Trustees. The Trustees shall be responsible for establishing rules, regulations, and definitions of eligibility concerning trust-provided benefits for bargaining unit employees and their dependents and shall have fiduciary responsibility for the administration of the Trust pursuant to the Trust Agreement and the laws of the State of Ohio. The Trust shall have the right to establish contracts with administrators and carriers for benefits.
Trust Governance. Neither Seller nor the Trust shall, at any time, directly or indirectly modify each of the Trust’s or Transaction SUBI’s governing documents or otherwise permit such modification without the prior written consent of Buyer. Seller shall comply with, and shall cause the Trust to comply with, the Trust’s Separateness Covenants. Without the prior written consent of Buyer, Seller shall not (and Seller shall cause the Trust not to) issue any additional SUBIs (as defined in the Trust Agreement) or any right or option to acquire any interests or any security convertible into any SUBI other than the SUBI Certificates issued on or as of the Effective Date and sold to the Buyer in connection with a Transaction.
Trust Governance