TRUSTEE CLAUSE. It is expressly understood and agreed that this Lease is executed on behalf of LASALLE NATIONAL BANK, not personally but as Trustee aforesaid, in the exercise of the power and authority conferred upon and invested in it as such Trustee, and under the direction of the beneficiaries of a certain Trust Agreement dated March 1, 1967, as extended, and known as Trust No. 36223. It is further expressly understood and agreed that LASALLE NATIONAL BANK, as Trustee aforesaid, has no right or power whatsoever to manage, control or operate said real estate in any way or to any extent and is not entitled at Any time to collect or receive for any purpose, directly or indirectly, the rents, issues, profits or proceeds of said real estate or any lease or sale or any mortgage or any disposition thereof. Nothing in this Lease contained shall be construed as creating any personal liability or personal responsibility of the Trustee or any of the beneficiaries of the Trust, or any of their respective officers, directors, beneficiaries, partners, agents, and employees, and in particular, without limiting the generality of the foregoing, there shall be no personal liability to pay any indebtedness accruing hereunder or to perform any covenant, either expressly or impliedly herein contained, or to keep, preserve or sequester any property of said Trust or for said Trustee to continue as said Trustee; and that so far as the parties herein are concerned the owner of any indebtedness or liability accruing hereunder shall look solely to and attempt to collect solely from the trust estate from time to time subject to the provisions of said Trust Agreement for payment thereof, Tenant hereby expressly waiving and releasing said personal liability and personal responsibility of the Trustee and any of the beneficiaries of the Trust, and any of their respective officers, directors, beneficiaries, partners, agents and employees on behalf of itself and all persons claiming by, through or under Tenant.
TRUSTEE CLAUSE. Maintain a Traditional Owners Register – to be reviewed regularly at least every five years 12.1; 12.2 Hold Trust Property in own name except as provided for by Xxxx (i.e. Investment Trust) 13 Hold an annual general meeting between 1 August to 31 December 16.1 Provide 14 days notice (minimum) of general meetings 16.4 Power to invest, including as per Trustees Act (set out in clause) 18 Trust Fund to be kept separate and distinct from any other trust fund 19 Board members may be paid reasonable remuneration as agreed after consultation with Manager 20.2 May charge its reasonable expenses to Trust Fund 21.2 May delegate and employ persons in order for business to be done “in the premises” and Trustee shall determine remuneration 22 Entitled to be indemnified for liabilities incurred “... by virtue of being a Trustee” 23 Keep complete and accurate books of account and prepare written accounting report (balance sheet, income and expenditure statement, list of assets) at the end of each accounting period 24.1 Direct manager in writing as to reporting requirements of Trustee 24.2 Appoint an auditor 25 Appointed for Minimum Term(s) until removed or resigns 27.2 May resign by giving 90 days written notice to the Manager 27.5 Trustee may suspend Manager if fails to properly perform duties and fails to remedy failure within 60 days, or is insolvent 29.1 Trustee will consult with Manager (if considers appropriate) to lift suspensions or appoint new manager 29(1)(c) and (d) Trustee must convene and hold a review of the operation of the Foundation and the Deed within 18 months of the expiry of each Minimum Term 33.1
