Trustee Powers and Duties. Subject to any limitations stated elsewhere herein, in addition to the authority, rights, privileges, powers and duties elsewhere herein vested in the Trustee and those now or hereafter conferred by law, the Trustee shall also have the following authority, rights, privileges, powers and duties: (a) To hold, manage, control, collect and use the assets of the Trust in accordance with the terms of this instrument. (b) To sell (for cash, on credit or both) exchange, or otherwise dispose of, the whole or any part of the assets of the Trust, at public or private sale; to lease (including, but not limited to, oil, gas, or mineral leases), rent, mortgage (including purchase money mortgages), pledge, or otherwise encumber, the whole or any part of the Trust; and to loan or borrow money in any manner, including by joint and several obligations, upon such terms and regardless of the duration of the Trust, as the Trustee may deem advisable. (c) To invest or reinvest the Trust in property of any description whatsoever (including, but not limited to, oil, gas, or mineral interests; common or preferred stock; shares of investment trusts or companies; bills, notes and other evidences of indebtedness; non-income producing property; and property outside of Texas). (d) To make or hold investments of any part of the Trust in common or undivided interest with other persons or entities, including an undivided interest in any property in which any Trustee, individually or otherwise, may hold an undivided interest; and to buy from or sell to any person or entity to the extent not otherwise prohibited herein. (e) Any other investment selected by the Trustee which is qualified to receive investments from the Trust, including shares of any open-end or closed-end investment company registered under the Investment Company Act of 1940 (15 U.S.C. Section 80a-1, ET. SEQ.), as amended. The Trustee shall not be precluded from making such investment in an open-end investment company on the grounds that an investment company is organized, sponsored or controlled by the Trustee or an affiliate of the Trustee, or on the grounds that the Trustee or an affiliate of the Trustee provides services to such investment company as investment advisor, custodian, transfer agent, registrar, distributor or otherwise. The Trustee is specifically authorized to invest in shares of the investment portfolios offered by the Westcore Trust, subject to compliance with applicable Department of Labor and Treasury Department requirements. Any amounts added to any of such funds at any time shall be subject to all of the provisions of such funds, as amended from time to time. (f) To deposit or invest all or a part of the Trust in savings accounts, certificates of deposit or other deposits which bear a reasonable rate of interest in a bank or similar financial institution, including the commercial department of the Trustee or its agent, if such bank or other instruction is supervised by any agency of a state or the federal government. (g) To employ and compensate such attorneys, counsel, brokers, banks, investment advisors or other agents or employees and to delegate to them such of the duties, rights and powers of the Trustee (including the power to vote shares of stock) as may be deemed advisable in handling and administering the Plan. (h) To partition any property or interest held as a part of the Trust and, in any and all such partitions, to pay or receive such money or property as may be necessary or advisable to equalize differences; to make any distribution from the Trust in cash or other property (including any undivided interest in any property) or both, in any manner whatsoever (including composing shares differently); and to evaluate any property belonging to the Trust. (i) To institute, join in, maintain, defend, compromise, submit to arbitration or settle any litigation, claim, obligation or controversy with respect to any matter affecting the Trust, regardless of the manner in which such matter may have arisen, all in the name of the Trustee and without the joinder of any Participant. (j) To vote, in person or by proxy, any stocks or other securities having voting rights; to exercise any conversion privileges, subscription rights, or other options and to make any payments incidental thereto; to consent to or participate in any merger, reorganization, consolidation, or other change affecting any corporate security in the Trust; and generally to exercise any of the powers of an owner with respect to stocks, bonds, securities, or other property held in the Trust as part of the Trust. The Trustee is also authorized to exercise all the rights, powers, options and privileges now or hereafter granted to, provided for, or vested in, trustees under the Texas Property Code, except in matters such as conflict with the terms of this instrument or applicable law. As far as possible, no subsequent legislation or regulation shall be in limitation of the rights, powers or privileges granted the Trustee hereunder or in the Texas Property Code as it exists at the time of the execution hereof. Generally, the Trustee shall have, hold, manage, control, use, invest and reinvest, disburse, and dispose of the Trust under all circumstances to the same extent as if the Trustee were the owner thereof in fee simple, subject only to such limitations as are contained herein and such applicable laws as cannot be waived, including the right to purchase life insurance on Plan Participants and exercise all rights of ownership with respect to such insurance; provided, however, that the Board of Directors may direct the Trustee as to the investment or disposition of some or all of the Trust's assets or delegate to an individual or a committee of individuals the right to direct the Trustee as to the investment or disposition of Trust assets, or may delegate such right and authority to an investment manager pursuant to SECTION 11. The Trustee shall have the right, power and authority to do on behalf of this Trust all things which, in its sole judgment, are necessary, proper or desirable to carry out the above-described duties and responsibilities; provided, however, that the Trustee is expressly prohibited from exercising any of its powers primarily for the benefit of the Company rather than for the benefit of the Plan Participants and their beneficiaries.
Appears in 1 contract
Samples: Supplemental Executive Retirement Trust (Input Output Inc)
Trustee Powers and Duties. Subject 11.1 The Trustee accepts the Trust created under the Plan and agrees to perform the obligations imposed.
11.2 The Trustee shall file annual financial reports with the Employer for the funds contributed to it by the Employer, but shall have no duty to see that the contributions received comply with the provisions of the Plan. The Trustee shall not be obliged to collect any limitations stated elsewhere hereincontributions from the Employer, in addition nor be obliged to see that funds deposited with it are deposited according to the authorityprovisions of the Plan.
11.3 The Investment Committee of the Church (the “Investment Committee”) shall have full discretion and authority with regard to the investment of the Trust Fund, including the sole power and authority as to the day-to-day investments of the Trust Fund, and shall serve at the pleasure of the Church. The Investment Committee shall coordinate its investment policy, as reflected in its written investment guidelines, with Plan financial needs as communicated to it by the Board of Pensions and Benefits USA of the Church of the Nazarene. The Investment Committee is authorized and empowered, but not by way of limitation, with the following powers, rights, privileges, powers and duties elsewhere herein vested in the Trustee and those now or hereafter conferred by law, the Trustee shall also have the following authority, rights, privileges, powers and duties:
(a) To hold, manage, control, collect and use the assets invest any part of the Trust Fund in any common stocks, bonds (including United States retirement plan bonds), insurance contracts, mortgages, notes, or other property of any kind, real or personal, as a prudent man would do under like circumstances. Every reasonable effort shall be made to avoid the purchase of securities of companies that major in the manufacturing, advertising, and selling of products and services that are contrary to the standards stated in the Manual of the Church;
(b) To retain in invested cash so much of the Trust Fund as it may deem advisable;
(c) To manage, sell, contract to sell, grant options to purchase, convey, exchange, transfer, abandon, improve, repair, insure, lease for any term even though commencing in the future or extending beyond the term of the Trust, and otherwise deal with all property, real or personal, in such manner, for such considerations and on such terms and conditions as the Trustee shall decide;
(d) To borrow money, to assume indebtedness, extend mortgages, and encumber by mortgage or pledge;
(e) To have with respect to the Trust all of the rights of an individual owner, including the power to give proxies, to participate in any voting trusts, mergers, consolidations or liquidations, and to exercise or sell stock subscriptions or conversion rights;
(f) To hold any securities or other property in the name of the Trustee or its nominee, or in another form as it may deem best, with or without disclosing the trust relationship;
(g) To perform any and all other acts in its judgment necessary or appropriate for the proper and advantageous management and investment of the Trust;
(h) To retain any funds or property subject to any dispute without liability for the payment of interest, and to decline to make payment or delivery of the funds or property until final adjudication is made by a court of competent jurisdiction. The Trustee is authorized and empowered, but not by way of limitation, with the following powers, rights, and duties:
(a) To credit and distribute the Trust as directed by the Board. The Trustee shall not be obliged to inquire as to whether any payee or distributee is entitled to any payment or whether the distribution is proper or within the terms of the Plan, or as to the manner of making a payment or distribution. The Trustee shall be accountable only to the Board for any payment or distribution made by it in good faith on the order or direction of the Board;
(b) To compromise, contest, arbitrate, or abandon claims and demands, in its discretion;
(c) To file all tax returns, if any, required of the Trustee;
(d) To begin, maintain, or defend any litigation necessary in connection with the administration of the Plan, except that the Trustee shall not be obliged or required to do so unless indemnified to its satisfaction.
11.4 The records of the Trustee pertaining to the Plan shall be open to the inspection of the Church at all reasonable times and may be audited from time to time by any person or persons as the Church may specify in writing.
11.5 The Trustee shall pay all expenses reasonably incurred by it in its administration of the Plan from the Trust Fund unless the Employer pays the expenses.
11.6 Only the Church and the Board shall be necessary parties to any court proceeding involving the Trustee or the Trust Fund.
11.7 The Trustee may employ and pay from the Trust Fund reasonable compensation to agents, attorneys, accountants, and other persons to advise the Trustee as in its opinion may be necessary. The Trustee may delegate to any agent, attorney, accountant, or other person selected by it any non-Trustee power or duty vested in it by the Plan, and the Trustee may act or refrain from acting on the advice or opinion of any agent, attorney, accountant, or other person so selected.
11.8 The Trustee in its discretion may make distributions under the Plan in cash or property, or partly in each, at its fair market value as determined by the Trustee.
11.9 No person dealing with the Trustee shall be obligated to see to the proper application of any money paid or property delivered to the Trustee, or to inquire whether the Trustee has acted pursuant to any of the terms of the Plan. Each person dealing with the Trustee may act upon any notice, request, or representation in writing by the Trustee, or by the Trustee’s duly authorized agent, and shall not be liable to any person whomsoever in so doing. The certificate of the Trustee that it is acting in accordance with the Plan shall be conclusive in favor of any person relying on the certificate.
11.10 The Trustee may resign at any time as Trustee of the Plan by giving thirty (30) days’ written notice in advance to the Church.
11.11 The Church, by giving thirty (30) days’ written notice in advance to the Trustee, may remove any Trustee. In the event of the resignation or removal of a Trustee, the Church shall appoint a successor Trustee.
11.12 Each successor Trustee shall succeed to the title to the Trust vested in its predecessor by accepting in writing its appointment as successor Trustee and filing its acceptance with the former Trustee and the Board without the signing or filing of any further statement. The resigning or removed Trustee, upon receipt of acceptance in writing of the Trust by the successor Trustee, shall execute all documents and do all acts necessary to vest the title of record in any successor Trustee. Each successor Trustee shall have and enjoy all of the powers, both discretionary and ministerial, conferred under this Plan upon his predecessor. No successor Trustee shall be personally liable for any act or failure to act of any predecessor Trustee. With the approval of the Church, a successor Trustee, with respect to the Plan, may accept the account rendered and the property delivered to it by a predecessor Trustee without incurring any liability or responsibility for so doing.
11.13 The Trustee shall not be liable for the acts or omissions of the Investment Committee of the Church, nor shall the Trustee be under any obligation to invest or otherwise manage any asset of the Plan which is subject to the management of said Investment Committee.
11.14 The Trustee shall value the Trust Fund as of each Valuation Date, and the Trustee shall value the Trust Fund on such other date(s) as may be directed by the Board.
11.15 The Investment Committee, for collective investment purposes, may combine into one trust fund the Trust created under this Plan with the Trust created under any other qualified retirement plan the Employer maintains. However, the Investment Committee shall maintain separate records of account for each Trust in order to properly reflect each Participant’s Accrued Benefit under the plan in which such person is a Participant.
11.16 Subject to the provisions of Section 12.7, the Trustee shall have the power and authority to combine the Trust created under this Plan with any Trust created under any other qualified retirement plan the Employer maintains or to merge this Plan with any other qualified retirement plan the Employer maintains or to transfer assets to or accept a transfer of assets from any Trust created under any other qualified retirement plan the Employer maintains, of which the Board is Trustee.
11.17 The Trustee of the General Church Plan shall transfer and assign directly to the Trustee of the Basis Plan all assets of, and the December 31, 1995 accrued benefits of, all Participants in the General Church Plan. The Trustee of the Basic Plan shall receive such assets and accept the liabilities attaching thereto. The Trustee shall hold, invest, administer and distribute the assets transferred and assigned in accordance with the terms of this instrument.
(b) To sell (for cash, on credit or both) exchange, or otherwise dispose of, Agreement. The Plan’s actuary shall determine the whole or any part amount of the assets of the Trust, at public or private sale; General Church Plan attributable to lease Required Contributions (including, but not limited to, oil, gas, or mineral leasesas defined in Section 2A.1 of the General Church Plan), rent, mortgage (including purchase money mortgages), pledge, or otherwise encumber, the whole or any part of the Trust; and to loan or borrow money in any manner, including by joint and several obligations, upon such terms and regardless of the duration of the Trust, as the Trustee may deem advisable.
(c) To invest or reinvest the Trust in property of any description whatsoever (including, but not limited to, oil, gas, or mineral interests; common or preferred stock; shares of investment trusts or companies; bills, notes and other evidences of indebtedness; non-income producing property; and property outside of Texas).
(d) To make or hold investments of any part of the Trust in common or undivided interest with other persons or entities, including an undivided interest in any property in which any Trustee, individually or otherwise, may hold an undivided interest; and to buy from or sell to any person or entity to the extent not otherwise prohibited herein.
(e) Any other investment selected assets shall be held by the Trustee which is qualified to receive investments from the Trust, including shares of any open-end or closed-end investment company registered under the Investment Company Act of 1940 (15 U.S.C. Section 80a-1, ET. SEQ.), as amended. The Trustee shall not be precluded from making such investment in an open-end investment company on the grounds that an investment company is organized, sponsored or controlled by the Trustee or an affiliate of the Trustee, or on the grounds that the Trustee or an affiliate of the Trustee provides services to such investment company as investment advisor, custodian, transfer agent, registrar, distributor or otherwise. The Trustee is specifically authorized to invest in shares of the investment portfolios offered by the Westcore Trust, subject to compliance with applicable Department of Labor and Treasury Department requirements. Any amounts added to any of such funds at any time shall be subject to all of the provisions of such funds, as amended from time to time.
(f) To deposit or invest all or a part of the Trust in savings accounts, certificates of deposit or other deposits which bear a reasonable rate of interest in a bank or similar financial institution, including the commercial department of the Trustee or its agent, if such bank or other instruction is supervised by any agency of a state or the federal government.
(g) To employ and compensate such attorneys, counsel, brokers, banks, investment advisors or other agents or employees and to delegate to them such of the duties, rights and powers of the Trustee (including the power to vote shares of stock) as may be deemed advisable in handling and administering the Plan.
(h) To partition any property or interest held as a part of the Trust and, in any and all such partitions, to pay or receive such money or property as may be necessary or advisable to equalize differences; to make any distribution from the Trust in cash or other property (including any undivided interest in any property) or both, in any manner whatsoever (including composing shares differently); and to evaluate any property belonging to the Trust.
(i) To institute, join in, maintain, defend, compromise, submit to arbitration or settle any litigation, claim, obligation or controversy with respect to any matter affecting the Trust, regardless of the manner in which such matter may have arisen, all in the name of the Trustee and without the joinder of any Participant.
(j) To vote, in person or by proxy, any stocks or other securities having voting rights; to exercise any conversion privileges, subscription rights, or other options and to make any payments incidental thereto; to consent to or participate in any merger, reorganization, consolidation, or other change affecting any corporate security in the Trust; and generally to exercise any of the powers of an owner with respect to stocks, bonds, securities, or other property held in the Trust as part of the Trust. The Trustee is also authorized to exercise all the rights, powers, options and privileges now or hereafter granted to, provided for, or vested in, trustees under the Texas Property Code, except in matters such as conflict with the terms of this instrument or applicable law. As far as possible, no subsequent legislation or regulation shall be in limitation of the rights, powers or privileges granted the Trustee hereunder or in the Texas Property Code as it exists at the time of the execution hereof. Generally, the Trustee shall have, hold, manage, control, use, invest and reinvest, disburse, and dispose of subtrust within the Trust under all circumstances to the same extent as if the Trustee were the owner thereof in fee simple, subject only to such limitations as are contained herein and such applicable laws as cannot be waived, including the right to purchase life insurance on Single Plan Participants and exercise all rights of ownership with respect to such insurance; provided, however, that the Board of Directors may direct the Trustee as to the investment or disposition of some or all of the Trust's assets or delegate to an individual or a committee of individuals the right to direct the Trustee as to the investment or disposition of Trust assets, or may delegate such right and authority to an investment manager pursuant to SECTION 11. The Trustee shall have the right, power and authority to do on behalf of this Trust all things which, in its sole judgment, are necessary, proper or desirable to carry out the above-described duties and responsibilities; provided, however, that the Trustee is expressly prohibited from exercising any of its powers primarily solely for the benefit of Participants in the Company rather than General Church Plan. The assets in such subtrust may be commingled for investment purposes with the benefit of other assets held in the Trust. Pensions for Participants in the General Church Plan Participants shall be payable from the assets in the subtrust and their beneficiariesin the Trust.
Appears in 1 contract
Samples: Single Defined Benefit Plan
Trustee Powers and Duties. Subject 11.1 The Trustee accepts the Trust created under the Plan and agrees to perform the obligations imposed.
11.2 The Trustee shall file annual financial reports with the Employer for the funds contributed to it by the Employer, but shall have no duty to see that the contributions received comply with the provisions of the Plan. The Trustee shall not be obliged to collect any limitations stated elsewhere hereincontributions from the Employer, in addition nor be obliged to see that funds deposited with it are deposited according to the authorityprovisions of the Plan.
11.3 The Investment Committee of the Church (the “Investment Committee”) shall have full discretion and authority with regard to the investment of the Trust Fund, including the sole power and authority as to the day-to-day investments of the Trust Fund, and shall serve at the pleasure of the Church. The Investment Committee shall coordinate its investment policy, as reflected in its written investment guidelines, with Plan financial needs as communicated to it by the Board of Pensions and Benefits USA of the Church of the Nazarene, Inc. The Investment Committee is authorized and empowered, but not by way of limitation, with the following powers, rights, privileges, powers and duties elsewhere herein vested in the Trustee and those now or hereafter conferred by law, the Trustee shall also have the following authority, rights, privileges, powers and duties:
(a) To hold, manage, control, collect and use the assets invest any part of the Trust Fund in any common stocks, bonds (including United States retirement plan bonds), insurance contracts, mortgages, notes, or other property of any kind, real or personal, as a prudent man would do under like circumstances. Every reasonable effort shall be made to avoid the purchase of securities of companies that major in the manufacturing, advertising, and selling of products and services that are contrary to the standards stated in the Manual of the Church;
(b) To retain in invested cash so much of the Trust Fund as it may deem advisable;
(c) To manage, sell, contract to sell, grant options to purchase, convey, exchange, transfer, abandon, improve, repair, insure, lease for any term even though commencing in the future or extending beyond the term of the Trust, and otherwise deal with all property, real or personal, in such manner, for such considerations and on such terms and conditions as the Trustee shall decide;
(d) To borrow money, to assume indebtedness, extend mortgages, and encumber by mortgage or pledge;
(e) To have with respect to the Trust all of the rights of an individual owner, including the power to give proxies, to participate in any voting trusts, mergers, consolidations or liquidations, and to exercise or sell stock subscriptions or conversion rights;
(f) To hold any securities or other property in the name of the Trustee or its nominee, or in another form as it may deem best, with or without disclosing the trust relationship;
(g) To perform any and all other acts in its judgment necessary or appropriate for the proper and advantageous management and investment of the Trust;
(h) To retain any funds or property subject to any dispute without liability for the payment of interest, and to decline to make payment or delivery of the funds or property until final adjudication is made by a court of competent jurisdiction. The Trustee is authorized and empowered, but not by way of limitation, with the following powers, rights, and duties:
(a) To credit and distribute the Trust as directed by the Board. The Trustee shall not be obliged to inquire as to whether any payee or distributee is entitled to any payment or whether the distribution is proper or within the terms of the Plan, or as to the manner of making a payment or distribution. The Trustee shall be accountable only to the Board for any payment or distribution made by it in good faith on the order or direction of the Board;
(b) To compromise, contest, arbitrate, or abandon claims and demands, in its discretion;
(c) To file all tax returns, if any, required of the Trustee;
(d) To begin, maintain, or defend any litigation necessary in connection with the administration of the Plan, except that the Trustee shall not be obliged or required to do so unless indemnified to its satisfaction.
11.4 The records of the Trustee pertaining to the Plan shall be open to the inspection of the Church at all reasonable times and may be audited from time to time by any person or persons as the Church may specify in writing.
11.5 The Trustee shall pay all expenses reasonably incurred by it in its administration of the Plan from the Trust Fund unless the Employer pays the expenses.
11.6 Only the Church and the Board shall be necessary parties to any court proceeding involving the Trustee or the Trust Fund.
11.7 The Trustee may employ and pay from the Trust Fund reasonable compensation to agents, attorneys, accountants, and other persons to advise the Trustee as in its opinion may be necessary. The Trustee may delegate to any agent, attorney, accountant, or other person selected by it any non-Trustee power or duty vested in it by the Plan, and the Trustee may act or refrain from acting on the advice or opinion of any agent, attorney, accountant, or other person so selected.
11.8 The Trustee in its discretion may make distributions under the Plan in cash or property, or partly in each, at its fair market value as determined by the Trustee.
11.9 No person dealing with the Trustee shall be obligated to see to the proper application of any money paid or property delivered to the Trustee, or to inquire whether the Trustee has acted pursuant to any of the terms of the Plan. Each person dealing with the Trustee may act upon any notice, request, or representation in writing by the Trustee, or by the Trustee’s duly authorized agent, and shall not be liable to any person whomsoever in so doing. The certificate of the Trustee that it is acting in accordance with the Plan shall be conclusive in favor of any person relying on the certificate.
11.10 The Trustee may resign at any time as Trustee of the Plan by giving thirty (30) days’ written notice in advance to the Church.
11.11 The Church, by giving thirty (30) days’ written notice in advance to the Trustee, may remove any Trustee. In the event of the resignation or removal of a Trustee, the Church shall appoint a successor Trustee.
11.12 Each successor Trustee shall succeed to the title to the Trust vested in its predecessor by accepting in writing its appointment as successor Trustee and filing its acceptance with the former Trustee and the Board without the signing or filing of any further statement. The resigning or removed Trustee, upon receipt of acceptance in writing of the Trust by the successor Trustee, shall execute all documents and do all acts necessary to vest the title of record in any successor Trustee. Each successor Trustee shall have and enjoy all of the powers, both discretionary and ministerial, conferred under this Plan upon his predecessor. No successor Trustee shall be personally liable for any act or failure to act of any predecessor Trustee. With the approval of the Church, a successor Trustee, with respect to the Plan, may accept the account rendered and the property delivered to it by a predecessor Trustee without incurring any liability or responsibility for so doing.
11.13 The Trustee shall not be liable for the acts or omissions of the Investment Committee of the Church, nor shall the Trustee be under any obligation to invest or otherwise manage any asset of the Plan which is subject to the management of said Investment Committee.
11.14 The Trustee shall value the Trust Fund as of each Valuation Date, and the Trustee shall value the Trust Fund on such other date(s) as may be directed by the Board.
11.15 The Investment Committee, for collective investment purposes, may combine into one trust fund the Trust created under this Plan with the Trust created under any other qualified retirement plan the Employer maintains. However, the Investment Committee shall maintain separate records of account for each Trust in order to properly reflect each Participant’s Accrued Benefit under the plan in which such person is a Participant.
11.16 Subject to the provisions of Section 12.7, the Trustee shall have the power and authority to combine the Trust created under this Plan with any Trust created under any other qualified retirement plan the Employer maintains or to merge this Plan with any other qualified retirement plan the Employer maintains or to transfer assets to or accept a transfer of assets from any Trust created under any other qualified retirement plan the Employer maintains, of which the Board is Trustee.
11.17 The Trustee of the General Church Plan shall transfer and assign directly to the Trustee of the Basis Plan all assets of, and the December 31, 1995 accrued benefits of, all Participants in the General Church Plan. The Trustee of the Basic Plan shall receive such assets and accept the liabilities attaching thereto. The Trustee shall hold, invest, administer and distribute the assets transferred and assigned in accordance with the terms of this instrument.
(b) To sell (for cash, on credit or both) exchange, or otherwise dispose of, Agreement. The Plan’s actuary shall determine the whole or any part amount of the assets of the Trust, at public or private sale; General Church Plan attributable to lease Required Contributions (including, but not limited to, oil, gas, or mineral leasesas defined in Section 2A.1 of the General Church Plan), rent, mortgage (including purchase money mortgages), pledge, or otherwise encumber, the whole or any part of the Trust; and to loan or borrow money in any manner, including by joint and several obligations, upon such terms and regardless of the duration of the Trust, as the Trustee may deem advisable.
(c) To invest or reinvest the Trust in property of any description whatsoever (including, but not limited to, oil, gas, or mineral interests; common or preferred stock; shares of investment trusts or companies; bills, notes and other evidences of indebtedness; non-income producing property; and property outside of Texas).
(d) To make or hold investments of any part of the Trust in common or undivided interest with other persons or entities, including an undivided interest in any property in which any Trustee, individually or otherwise, may hold an undivided interest; and to buy from or sell to any person or entity to the extent not otherwise prohibited herein.
(e) Any other investment selected assets shall be held by the Trustee which is qualified to receive investments from the Trust, including shares of any open-end or closed-end investment company registered under the Investment Company Act of 1940 (15 U.S.C. Section 80a-1, ET. SEQ.), as amended. The Trustee shall not be precluded from making such investment in an open-end investment company on the grounds that an investment company is organized, sponsored or controlled by the Trustee or an affiliate of the Trustee, or on the grounds that the Trustee or an affiliate of the Trustee provides services to such investment company as investment advisor, custodian, transfer agent, registrar, distributor or otherwise. The Trustee is specifically authorized to invest in shares of the investment portfolios offered by the Westcore Trust, subject to compliance with applicable Department of Labor and Treasury Department requirements. Any amounts added to any of such funds at any time shall be subject to all of the provisions of such funds, as amended from time to time.
(f) To deposit or invest all or a part of the Trust in savings accounts, certificates of deposit or other deposits which bear a reasonable rate of interest in a bank or similar financial institution, including the commercial department of the Trustee or its agent, if such bank or other instruction is supervised by any agency of a state or the federal government.
(g) To employ and compensate such attorneys, counsel, brokers, banks, investment advisors or other agents or employees and to delegate to them such of the duties, rights and powers of the Trustee (including the power to vote shares of stock) as may be deemed advisable in handling and administering the Plan.
(h) To partition any property or interest held as a part of the Trust and, in any and all such partitions, to pay or receive such money or property as may be necessary or advisable to equalize differences; to make any distribution from the Trust in cash or other property (including any undivided interest in any property) or both, in any manner whatsoever (including composing shares differently); and to evaluate any property belonging to the Trust.
(i) To institute, join in, maintain, defend, compromise, submit to arbitration or settle any litigation, claim, obligation or controversy with respect to any matter affecting the Trust, regardless of the manner in which such matter may have arisen, all in the name of the Trustee and without the joinder of any Participant.
(j) To vote, in person or by proxy, any stocks or other securities having voting rights; to exercise any conversion privileges, subscription rights, or other options and to make any payments incidental thereto; to consent to or participate in any merger, reorganization, consolidation, or other change affecting any corporate security in the Trust; and generally to exercise any of the powers of an owner with respect to stocks, bonds, securities, or other property held in the Trust as part of the Trust. The Trustee is also authorized to exercise all the rights, powers, options and privileges now or hereafter granted to, provided for, or vested in, trustees under the Texas Property Code, except in matters such as conflict with the terms of this instrument or applicable law. As far as possible, no subsequent legislation or regulation shall be in limitation of the rights, powers or privileges granted the Trustee hereunder or in the Texas Property Code as it exists at the time of the execution hereof. Generally, the Trustee shall have, hold, manage, control, use, invest and reinvest, disburse, and dispose of subtrust within the Trust under all circumstances to the same extent as if the Trustee were the owner thereof in fee simple, subject only to such limitations as are contained herein and such applicable laws as cannot be waived, including the right to purchase life insurance on Single Plan Participants and exercise all rights of ownership with respect to such insurance; provided, however, that the Board of Directors may direct the Trustee as to the investment or disposition of some or all of the Trust's assets or delegate to an individual or a committee of individuals the right to direct the Trustee as to the investment or disposition of Trust assets, or may delegate such right and authority to an investment manager pursuant to SECTION 11. The Trustee shall have the right, power and authority to do on behalf of this Trust all things which, in its sole judgment, are necessary, proper or desirable to carry out the above-described duties and responsibilities; provided, however, that the Trustee is expressly prohibited from exercising any of its powers primarily solely for the benefit of Participants in the Company rather than General Church Plan. The assets in such subtrust may be commingled for investment purposes with the benefit of other assets held in the Trust. Pensions for Participants in the General Church Plan Participants shall be payable from the assets in the subtrust and their beneficiariesin the Trust.
Appears in 1 contract
Samples: Single Defined Benefit Plan
Trustee Powers and Duties. Subject to any limitations stated elsewhere the following provisions of this ARTICLE XII, the Trustee shall commingle and jointly invest, or where specifically provided herein shall segregate and separately invest, the assets of the Fund, without distinction between corpus and income.
(a) The Trustee shall hold the Fund in trust, shall have the following general powers granted in this paragraph, subject to the directions, limitations, restrictions or prohibitions imposed hereunder, and, except as otherwise specifically provided herein, shall have exclusive authority and discretion in addition to its management and control of the authorityFund.
(i) The Trustee shall invest and reinvest the Fund in such stocks, stock options (whether or not covered), warrants and rights, privilegesputs, powers calls, stock-index futures, bonds, securities, commodities, commodity futures and duties elsewhere herein vested options, real estate mortgages, real estate investment trusts or funds, real estate, partnership interests, mutual funds, closed-end investment companies, regulated investment companies or trusts, common, collective or group trust funds (except as otherwise limited hereunder) and other investments, and in such proportion, as may be deemed suitable for the Trustee purposes and those now the funding policy hereof.
(ii) Such investments shall not be restricted to property and securities of the character authorized for investment by trustees under any present or hereafter conferred future laws, with the exception of the Act.
(iii) To the extent permitted by law, the Trustee shall also have is expressly authorized to invest and reinvest the following authority, rights, privileges, powers Fund and dutiesto execute any joinder or similar agreement therefor on behalf of the Plan:
(aA) To holdIn any general common trust fund qualifying under Section 584 of the Code and maintained by any person, manageincluding but not limited to the Trustee or any affiliate of the Trustee in the same bank holding system affiliated group, controlas defined in Section 1504 of the Code, collect as the Trustee (if the Trustee and use any such affiliate are banks or trust companies supervised by a state or federal agency) and/or the Investment Manager or any affiliate of the Investment Manager;
(B) In any other collective or group trust fund maintained by any person, including but not limited to any such bank or trust company and/or the Investment Manager or any affiliate of the Investment Manager, and consisting solely of assets of qualified retirement trusts and/or individual retirement accounts exempt from federal income taxation under the Code, as the Trustee or, where applicable, the Investment Manager in its discretion may determine (whether or not the Trustee or, where applicable, the Investment Manager is such a bank or trust company), provided such collective or group trust is so qualified and exempt under the Code;
(C) In qualifying employer securities, qualifying employer real property, or both, as defined by Section 407(d)(4) and (5) of the Act, the aggregate fair market value of which does not exceed ten percent (10%) of the fair market value of the assets of the Trust Fund;
(D) In Contracts or Policies (not containing or providing life insurance) issued to provide or fund benefits under the Plan, and in accordance Policies of life insurance on the lives of Participants if the Plan expressly provides for the purchase of such Policies and the Administrator so directs, (whether or not the Insurer is the Plan Sponsor or any affiliate of the Plan Sponsor, or the Investment Manager or any affiliate of the Investment Manager, if an insurance company); or
(E) In whole or in part in deposits with any bank or similar financial institution supervised by the United States or a State, regardless of whether such bank or other institution is a Trustee or other fiduciary hereunder, provided such deposits shall bear a reasonable rate of interest, except that funds may be deposited in non-interest bearing accounts to such extent and for such time as may be reasonably required for the orderly administration of the Plan.
(iv) If an investment is made in a common, collective or group trust, the Trustee is expressly authorized to incorporate the terms thereof as an investment medium under and as a part of the Plan, and the terms of this instrumentsuch trust shall govern the investment, disposition and distribution of the assets of such trust.
(b) To sell (for cashSubject to the requirements imposed by law, on credit or both) exchange, or otherwise dispose ofand in furtherance and not in limitation of the Trustee's investment authority, the whole Trustee shall have all powers and authority necessary or advisable to carry out the provisions of the Plan, and all inherent, implied and statutory powers now or subsequently provided by law, including specifically the power to do any of the following:
(i) To deal with all or any part of the assets of the TrustFund, at public or private sale; to lease (including, but not limited towithout limitation, oilto invest, gasreinvest and change investment;
(ii) To acquire any property by purchase, subscription, lease or other means;
(iii) To sell for cash or on credit, convey, lease for long or short terms, or mineral leases)convert, rent, mortgage (including purchase money mortgages), pledge, redeem or otherwise encumber, the whole exchange all or any part of the Trust; Fund;
(iv) To borrow money for the purpose of the Fund, and for any sum so borrowed to issue its promissory note as Trustee and to loan secure the repayment thereof by pledging all or borrow money in any manner, including by joint and several obligations, upon such terms and regardless of the duration of the Trust, as the Trustee may deem advisable.
(c) To invest or reinvest the Trust in property of any description whatsoever (including, but not limited to, oil, gas, or mineral interests; common or preferred stock; shares of investment trusts or companies; bills, notes and other evidences of indebtedness; non-income producing property; and property outside of Texas).
(d) To make or hold investments of any part of the Trust in common or undivided interest with other persons or entities, including an undivided interest in any property in which any Trustee, individually Fund;
(v) To enforce by suit or otherwise, may hold an undivided interest; or to waive its rights on behalf of the Fund, and to buy from defend claims asserted against him or sell to any person or entity to the extent not otherwise prohibited herein.Fund;
(e) Any other investment selected by the Trustee which is qualified to receive investments from the Trust, including shares of any open-end or closed-end investment company registered under the Investment Company Act of 1940 (15 U.S.C. Section 80a-1, ET. SEQ.), as amended. The Trustee shall not be precluded from making such investment in an open-end investment company on the grounds that an investment company is organized, sponsored or controlled by the Trustee or an affiliate of the Trustee, or on the grounds that the Trustee or an affiliate of the Trustee provides services to such investment company as investment advisor, custodian, transfer agent, registrar, distributor or otherwise. The Trustee is specifically authorized to invest in shares of the investment portfolios offered by the Westcore Trust, subject to compliance with applicable Department of Labor and Treasury Department requirements. Any amounts added to any of such funds at any time shall be subject to all of the provisions of such funds, as amended from time to time.
(fvi) To deposit or invest all or a part of the Trust in savings accountscompromise, certificates of deposit or other deposits which bear a reasonable rate of interest in a bank or similar financial institution, including the commercial department of the Trustee or its agent, if such bank or other instruction is supervised by any agency of a state or the federal government.
(g) To employ adjust and compensate such attorneys, counsel, brokers, banks, investment advisors or other agents or employees and to delegate to them such of the duties, rights and powers of the Trustee (including the power to vote shares of stock) as may be deemed advisable in handling and administering the Plan.
(h) To partition any property or interest held as a part of the Trust and, in settle any and all such partitionsclaims against or in favor of it or the Fund;
(vii) To renew, to pay extend or receive such money or property as may be necessary or advisable to equalize differences; to make foreclose any distribution from the Trust in cash mortgage or other property (including any undivided interest in any property) or both, in any manner whatsoever (including composing shares differently); and to evaluate any property belonging to the Trust.security;
(iviii) To institute, join in, maintain, defend, compromise, submit to arbitration or settle any litigation, claim, obligation or controversy with respect to any matter affecting the Trust, regardless of the manner bid in which such matter may have arisen, all in the name of the Trustee and without the joinder of any Participant.property on foreclosure;
(jix) To take deeds in lieu of foreclosure, with or without paying a consideration therefor;
(x) To vote, in person or by proxygive proxies to vote, any stocks stock or other security, and to oppose, participate in and consent to the reorganization, merger, consolidation or readjustment of the finances of any enterprise, to pay assessments and expenses in connection therewith, and to deposit securities having voting rights; to exercise any conversion privileges, subscription rightsunder deposit agreements;
(xi) To hold Plan assets unregistered (including in bearer form), or other options to register them in its own name, in street name or in the names of nominees who are within the jurisdiction of the district courts of the United States and are either banks or trust companies that are subject to make supervision by the United States or a state thereof, brokers or dealers registered under the Securities Exchange Act of 1934, clearing agencies as defined in Section 3(a)(23) of the Securities Exchange Act of 1934, permissible nominees of any payments incidental thereto; to consent to or participate in any merger, reorganization, consolidationof the foregoing, or any other change affecting persons or entities permitted to act as nominee for the Trustee under Section 403 of the Act, provided the books and records of the Fund shall at all times reflect that the Fund is the beneficial owner of such securities;
(xii) To make, execute, acknowledge and deliver any corporate security in and all instruments that it shall deem necessary or appropriate to carry out the Trustpowers herein granted; and generally to exercise any of the powers of an owner with respect to stocks, bonds, securities, all or other property held in the Trust as any part of the TrustFund; and
(xiii) Generally to exercise any of the powers of an owner with respect to all or any portion of the Fund. Except as provided in the Act, no person dealing with the Trustee shall be bound to see to the application of any money or property paid or delivered to the Trustee or to inquire into the validity or propriety of any transaction.
(c) The Trustee shall not have the power or duty to inquire into the correctness of the amount tendered to it as required by the Plan nor to enforce the payment of contributions thereunder by the Employer. The Trustee is also authorized to exercise all the rights, powers, options and privileges now or hereafter granted to, provided for, or vested in, trustees under the Texas Property Code, except in matters such as conflict with the terms of this instrument or applicable law. As far as possible, no subsequent legislation or regulation shall be in limitation responsible only for such sums and assets that it actually receives as Trustee.
(d) In the exercise of the rights, powers or privileges granted the Trustee hereunder or in the Texas Property Code as it exists at the time of the execution hereof. Generallyits authority under this paragraph 12.1, the Trustee shall have, hold, manage, control, use, invest take cognizance of and reinvest, disburse, be inhibited by those limitations and dispose prohibitions contained in Section 406 of the Trust under all circumstances to Act and the same extent as if the Trustee were the owner thereof in fee simple, subject only to such limitations as are contained herein and such applicable laws as cannot be waived, including the right to purchase life insurance on Plan Participants and exercise all rights prohibited transaction provisions of ownership with respect to such insurance; provided, however, that the Board of Directors may direct the Trustee as to the investment or disposition of some or all Section 4975 of the Trust's assets or delegate to an individual or a committee of individuals the right to direct the Trustee as to the investment or disposition of Trust assetsCode, or may delegate such right and authority to an investment manager pursuant to SECTION 11. The Trustee shall have the right, power and authority to do on behalf of this Trust all things which, in its sole judgment, are necessary, proper or desirable to carry out the above-described duties and responsibilities; provided, however, that the Trustee for which no exemption is expressly prohibited from exercising any of its powers primarily for the benefit of the Company rather than for the benefit of the Plan Participants and their beneficiariesapplicable.
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Trustee Powers and Duties. Subject to any limitations stated elsewhere the following provisions of ------------------------- this ARTICLE XII, the Trustee shall commingle and jointly invest, or where specifically provided herein shall segregate and separately invest, the assets of the Fund, without distinction between corpus and income.
(a) The Trustee shall hold the Fund in trust, shall have the following general powers granted in this paragraph, subject to the directions, limitations, restrictions or prohibitions imposed hereunder, and, except as otherwise specifically provided herein, shall have exclusive authority and discretion in addition to its management and control of the authorityFund.
(i) The Trustee shall invest and reinvest the Fund in such stocks, stock options (whether or not covered), warrants and rights, privilegesputs, powers calls, stock-index futures, bonds, securities, commodities, commodity futures and duties elsewhere herein vested options, real estate mortgages, real estate investment trusts or funds, real estate, partnership interests, mutual funds, closed-end investment companies, regulated investment companies or trusts, common, collective or group trust funds (except as otherwise limited hereunder) and other investments, and in such proportion, as may be deemed suitable for the Trustee purposes and those now the funding policy hereof.
(ii) Such investments shall not be restricted to property and securities of the character authorized for investment by trustees under any present or hereafter conferred future laws, with the exception of the Act.
(iii) To the extent permitted by law, the Trustee shall also have is expressly authorized to invest and reinvest the following authority, rights, privileges, powers Fund and dutiesto execute any joinder or similar agreement therefor on behalf of the Plan:
(aA) To holdIn any general common trust fund qualifying under Section 584 of the Code and maintained by any person, manageincluding but not limited to the Trustee or any affiliate of the Trustee in the same bank holding system affiliated group, controlas defined in Section 1504 of the Code, collect as the Trustee (if the Trustee and use any such affiliate are banks or trust companies supervised by a state or federal agency) and/or the Investment Manager or any affiliate of the Investment Manager;
(B) In any other collective or group trust fund maintained by any person, including but not limited to any such bank or trust company and/or the Investment Manager or any affiliate of the Investment Manager, and consisting solely of assets of qualified retirement trusts and/or individual retirement accounts exempt from federal income taxation under the Code, as the Trustee or, where applicable, the Investment Manager in its discretion may determine (whether or not the Trustee or, where applicable, the Investment Manager is such a bank or trust company), provided such collective or group trust is so qualified and exempt under the Code;
(C) In qualifying employer securities, qualifying employer real property, or both, as defined by Section 407(d)(4) and (5) of the Act, the aggregate fair market value of which does not exceed ten percent (10%) of the fair market value of the assets of the Trust Fund;
(D) In Contracts or Policies (not containing or providing life insurance) issued to provide or fund benefits under the Plan, and in accordance Policies of life insurance on the lives of Participants if the Plan expressly provides for the purchase of such Policies and the Administrator so directs, (whether or not the Insurer is the Plan Sponsor or any affiliate of the Plan Sponsor, or the Investment Manager or any affiliate of the Investment Manager, if an insurance company); or
(E) In whole or in part in deposits with any bank or similar financial institution supervised by the United States or a State, regardless of whether such bank or other institution is a Trustee or other fiduciary hereunder, provided such deposits shall bear a reasonable rate of interest, except that funds may be deposited in non-interest bearing accounts to such extent and for such time as may be reasonably required for the orderly administration of the Plan.
(iv) If an investment is made in a common, collective or group trust, the Trustee is expressly authorized to incorporate the terms thereof as an investment medium under and as a part of the Plan, and the terms of this instrumentsuch trust shall govern the investment, disposition and distribution of the assets of such trust.
(b) To sell (for cashSubject to the requirements imposed by law, on credit or both) exchange, or otherwise dispose ofand in furtherance and not in limitation of the Trustee's investment authority, the whole Trustee shall have all powers and authority necessary or advisable to carry out the provisions of the Plan, and all inherent, implied and statutory powers now or subsequently provided by law, including specifically the power to do any of the following:
(i) To deal with all or any part of the assets of the TrustFund, at public or private sale; to lease (including, but not limited towithout limitation, oilto invest, gasreinvest and change investment;
(ii) To acquire any property by purchase, subscription, lease or other means;
(iii) To sell for cash or on credit, convey, lease for long or short terms, or mineral leases)convert, rent, mortgage (including purchase money mortgages), pledge, redeem or otherwise encumber, the whole exchange all or any part of the Trust; Fund;
(iv) To borrow money for the purpose of the Fund, and for any sum so borrowed to issue its promissory note as Trustee and to loan secure the repayment thereof by pledging all or borrow money in any manner, including by joint and several obligations, upon such terms and regardless of the duration of the Trust, as the Trustee may deem advisable.
(c) To invest or reinvest the Trust in property of any description whatsoever (including, but not limited to, oil, gas, or mineral interests; common or preferred stock; shares of investment trusts or companies; bills, notes and other evidences of indebtedness; non-income producing property; and property outside of Texas).
(d) To make or hold investments of any part of the Trust in common or undivided interest with other persons or entities, including an undivided interest in any property in which any Trustee, individually Fund;
(v) To enforce by suit or otherwise, may hold an undivided interest; or to waive its rights on behalf of the Fund, and to buy from defend claims asserted against him or sell to any person or entity to the extent not otherwise prohibited herein.Fund;
(e) Any other investment selected by the Trustee which is qualified to receive investments from the Trust, including shares of any open-end or closed-end investment company registered under the Investment Company Act of 1940 (15 U.S.C. Section 80a-1, ET. SEQ.), as amended. The Trustee shall not be precluded from making such investment in an open-end investment company on the grounds that an investment company is organized, sponsored or controlled by the Trustee or an affiliate of the Trustee, or on the grounds that the Trustee or an affiliate of the Trustee provides services to such investment company as investment advisor, custodian, transfer agent, registrar, distributor or otherwise. The Trustee is specifically authorized to invest in shares of the investment portfolios offered by the Westcore Trust, subject to compliance with applicable Department of Labor and Treasury Department requirements. Any amounts added to any of such funds at any time shall be subject to all of the provisions of such funds, as amended from time to time.
(fvi) To deposit or invest all or a part of the Trust in savings accountscompromise, certificates of deposit or other deposits which bear a reasonable rate of interest in a bank or similar financial institution, including the commercial department of the Trustee or its agent, if such bank or other instruction is supervised by any agency of a state or the federal government.
(g) To employ adjust and compensate such attorneys, counsel, brokers, banks, investment advisors or other agents or employees and to delegate to them such of the duties, rights and powers of the Trustee (including the power to vote shares of stock) as may be deemed advisable in handling and administering the Plan.
(h) To partition any property or interest held as a part of the Trust and, in settle any and all such partitionsclaims against or in favor of it or the Fund;
(vii) To renew, to pay extend or receive such money or property as may be necessary or advisable to equalize differences; to make foreclose any distribution from the Trust in cash mortgage or other property (including any undivided interest in any property) or both, in any manner whatsoever (including composing shares differently); and to evaluate any property belonging to the Trust.security;
(iviii) To institute, join in, maintain, defend, compromise, submit to arbitration or settle any litigation, claim, obligation or controversy with respect to any matter affecting the Trust, regardless of the manner bid in which such matter may have arisen, all in the name of the Trustee and without the joinder of any Participant.property on foreclosure;
(jix) To take deeds in lieu of foreclosure, with or without paying a consideration therefor;
(x) To vote, in person or by proxygive proxies to vote, any stocks stock or other security, and to oppose, participate in and consent to the reorganization, merger, consolidation or readjustment of the finances of any enterprise, to pay assessments and expenses in connection therewith, and to deposit securities having voting rights; to exercise any conversion privileges, subscription rightsunder deposit agreements;
(xi) To hold Plan assets unregistered (including in bearer form), or other options to register them in its own name, in street name or in the names of nominees who are within the jurisdiction of the district courts of the United States and are either banks or trust companies that are subject to make supervision by the United States or a state thereof, brokers or dealers registered under the Securities Exchange Act of 1934, clearing agencies as defined in Section 3(a)(23) of the Securities Exchange Act of 1934, permissible nominees of any payments incidental thereto; to consent to or participate in any merger, reorganization, consolidationof the foregoing, or any other change affecting persons or entities permitted to act as nominee for the Trustee under Section 403 of the Act, provided the books and records of the Fund shall at all times reflect that the Fund is the beneficial owner of such securities;
(xii) To make, execute, acknowledge and deliver any corporate security in and all instruments that it shall deem necessary or appropriate to carry out the Trustpowers herein granted; and generally to exercise any of the powers of an owner with respect to stocks, bonds, securities, all or other property held in the Trust as any part of the TrustFund; and
(xiii) Generally to exercise any of the powers of an owner with respect to all or any portion of the Fund. Except as provided in the Act, no person dealing with the Trustee shall be bound to see to the application of any money or property paid or delivered to the Trustee or to inquire into the validity or propriety of any transaction.
(c) The Trustee shall not have the power or duty to inquire into the correctness of the amount tendered to it as required by the Plan nor to enforce the payment of contributions thereunder by the Employer. The Trustee is also authorized to exercise all the rights, powers, options and privileges now or hereafter granted to, provided for, or vested in, trustees under the Texas Property Code, except in matters such as conflict with the terms of this instrument or applicable law. As far as possible, no subsequent legislation or regulation shall be in limitation responsible only for such sums and assets that it actually receives as Trustee.
(d) In the exercise of the rights, powers or privileges granted the Trustee hereunder or in the Texas Property Code as it exists at the time of the execution hereof. Generallyits authority under this paragraph 12.1, the Trustee shall have, hold, manage, control, use, invest take cognizance of and reinvest, disburse, be inhibited by those limitations and dispose prohibitions contained in Section 406 of the Trust under all circumstances to Act and the same extent as if the Trustee were the owner thereof in fee simple, subject only to such limitations as are contained herein and such applicable laws as cannot be waived, including the right to purchase life insurance on Plan Participants and exercise all rights prohibited transaction provisions of ownership with respect to such insurance; provided, however, that the Board of Directors may direct the Trustee as to the investment or disposition of some or all Section 4975 of the Trust's assets or delegate to an individual or a committee of individuals the right to direct the Trustee as to the investment or disposition of Trust assetsCode, or may delegate such right and authority to an investment manager pursuant to SECTION 11. The Trustee shall have the right, power and authority to do on behalf of this Trust all things which, in its sole judgment, are necessary, proper or desirable to carry out the above-described duties and responsibilities; provided, however, that the Trustee for which no exemption is expressly prohibited from exercising any of its powers primarily for the benefit of the Company rather than for the benefit of the Plan Participants and their beneficiariesapplicable.
Appears in 1 contract
