Powers and Duties of Trustees. Section 3.1 General 6 Section 3.2 Investments 6 Section 3.3 Legal Title 6 Section 3.4 Issuance and Repurchase of Shares 7 Section 3.5 Borrow Money or Utilize Leverage 7 Section 3.6 Delegation; Committees 7 Section 3.7 Collection and Payment 7 Section 3.8 Expenses 7 Section 3.9 By-Laws 7 Section 3.10 Miscellaneous Powers 7 Section 3.11 Further Powers 8
Powers and Duties of Trustees. 3.1 General.. 5 3.2 Investments 5 3.3 Legal Title 5 3.4 Issuance and Repurchase of Shares 6
Powers and Duties of Trustees. 5 3.1 General......................................................5 3.2 Investments..................................................5
Powers and Duties of Trustees. Sec.
1. The Trustees shall have authority to control and manage the operation and administration of the Trust in accordance with applicable law.
2. The Trustees shall hold, manage, care for, and protect the Trust Fund and collect the income therefrom and contributions thereto, except to the extent that any of these functions or responsibilities are assigned to another entity or entities pursuant to any provision of this Article. Sec. 3.
(a) The Trustees appoint Northern Trust Investments, Inc. (hereinafter identified as “Northern Trust”) as a Named Fiduciary of the Fund as defined in Section 402 of the Employee Retirement Income Security Act of 1974, with such rights, powers, authority, duties and responsibilities as are stated in an agreement with such Named Fiduciary (hereinafter identified as a “Named Fiduciary Agreement”), an agreement which was entered by the Trustees with Northern Trust in September 2022, and as are stated in the Amended and Restated Consent Decree (hereinafter identified as “the Consent Decree”) entered September 12, 2022, as that agreement and the Consent Decree were heretofore and are hereafter amended. The appointment of Northern Trust as a Named Fiduciary of the Fund shall remain effective until termination or resignation in accordance with the Named Fiduciary Agreement to which Northern Trust is a party.
(b) Assets of the Fund shall be managed by one or more investment managers, as defined in Section 3(38) of the Employee Retirement Income Security Act of 1974, each such investment manager to be appointed by Northern Trust.
(c) Each investment manager appointed by Northern Trust in its capacity as a Named Fiduciary of the Fund shall have the power and authority, in its sole discretion, to invest and reinvest the principal and income of the Trust Fund, delegated to it for management, in such securities, common and preferred stock, fixed income securities, mortgages, notes, real estate or other property as shall be permissible investments in accordance with applicable law and agreements, including the specific terms and conditions of its agreement as an investment manager of the Fund, and may sell or otherwise dispose of such securities or property at any time and from time to time as it determines to be in accordance with its fiduciary obligations.
(d) The Trustees are authorized to procure from such solvent insurance company or companies as they may designate, a group health, accident and life policy or policies including, in t...
Powers and Duties of Trustees. 4 3.1 General...............................................................4 3.2 Investments...........................................................4 3.3
Powers and Duties of Trustees. For the purpose of carrying out the terms of this trust, the TRUSTEES shall have the powers and duties necessary for the administration of trust property, including without limitation the following powers which may be exercised by them without any action or consent by the OWNERS and which shall continue after the termination of the trust for the purpose of disposing of the trust property and until final disposition thereof:
(a) to maintain, repair, improve, change or alter any property, real or personal, including building, repairing, tearing down and rebuilding structures or additions thereto;
(b) to acquire by purchase, hire or otherwise, property convenient to the performance of their functions as TRUSTEES;
(c) to adopt reasonable rules and regulations governing the enjoyment by the OWNERS of the trust property;
(d) to convey permanent easements and lesser interests in, upon and over any ways for the installation, maintenance, repair and replacement of utilities and other services and rights incidental thereto;
(e) to make contracts which the TRUSTEES deem convenient to the performance of their duties as TRUSTEES;
(f) to borrow money;
(g) to open bank accounts in the name of the trust or the TRUSTEES with power in any one of the TRUSTEES to draw on such accounts;
(h) to procure insurance;
(i) to pay, resist, compromise or submit to arbitration any claim or matter in dispute;
(j) to determine and collect the common and special charges from the OWNERS and to pay such common and special charges;
(k) to maintain, repair and replace the common sewage disposal systems serving those specific lots identified as being Lot 23, Lot 6, Lot 7, Lot 8, Lot 9, Lot 10, Lot 11, Lot 12, Lot 13 and Lot 14 and to xxxxx any public health nuisance which, in the TRUSTEES' conclusive judgment, is caused thereby, or, upon notice and hearing by the Town of Lancaster Board of Health or other governmental body with jurisdiction which thereafter issues a valid order, to xxxxx such nuisance;
(l) to maintain, repair and replace the cistern for fire suppression on Lot ; and
(m) to exercise any other powers which may be necessary or desirable for carrying out the terms of this Trust or which the TRUSTEES may have under any present or future statute or rule of law; and to execute and deliver all appropriate instruments in connection therewith. For the purpose of carrying out the terms of this Trust, the TRUSTEES with the consent of at least seventy-seven (77%) percent of the OWNERS, shal...
Powers and Duties of Trustees. (a) Company contributions to each employee’s Supplemental Income Account will be paid to the Trustee at the end of each accounting month. The Trustee will hold such contributions and interest earned thereon as a separate trust estate for the exclusive benefit of each such employee.
(b) Funds in the individual Supplemental Income Accounts may be co-mingled and shall be treated as a consolidated fund for investment purposes.
(c) The Trustee may invest funds in the Supplemental Income Accounts in Government of Canada Bonds, other securities of or guaranteed by the Government of Canada or Guaranteed Investment Certificates issued by a Trust Company incorporated under the laws of any jurisdiction in Canada. As of December 31st, 1968, and each subsequent December 31st, the Trustee shall credit earnings from investments to employee’s Supple- mental Income Accounts in proportion to the balance in each such account on the last day of the last pay period terminating on or prior to said December 31st.
(d) The Trustee or its duly authorized agent shall manage and administer the trusts. The Trustee shall have the right to use the Company or any of its employees as its agent. In addition to the power and duties specified in this Plan the Trustee shall have such other powers and duties as may be provided in the Trust Agreement.
(e) As soon as practicable after December 31st, 1969, and Decem- ber 31st of each succeeding year, the Trustee shall furnish each such employee with a statement of the balance of his Supple- mental Income Account as of December 31st of that year.
(f) The Company will provide the Union with a quarterly report of the performance of the Supplemental Income Plan fund.
Powers and Duties of Trustees. 8.1 The Trustees shall have, in addition to all other powers available to them by law, the following powers:
(a) to receive and incorporate into the Trust Fund, money and property as may be contributed for such purpose;
(b) to invest money constituting the Trust Fund from time to time in such manner and in such investments as they consider advisable, provided that such investments are limited to investments authorized by law for Manitoba municipalities and provided that the funds constituting the Participating Member Account may only be invested in guaranteed investment certificates or other similar guaranteed investments;
(c) to exercise any rights incidental to the ownership of securities and other property;
(d) from time to time to sell, transfer, assign, exchange, convey, mortgage, lease or otherwise dispose of any of the securities and other property;
(e) to settle, compromise or submit to arbitration any claim, debts or damages due to or owing from the Trust Fund and to commence or defend any legal action or proceeding on behalf of the Trust Fund;
(f) to retain a lawyer, accountant, actuary or other professional consultant from time to time and to rely and act, or refrain from acting, on the information or advice furnished by such persons upon due consideration of such advice or information;
(g) to pay for all reasonable and necessary expenses incurred by the Trust or in connection with the establishment, administration and operation of the Trust, including reimbursement of reasonable expenses necessarily incurred by Trustees in the performance of their functions; and
(h) to pay a Trustee an honorarium of no more than $500 in each year.
8.2 Except where specifically provided otherwise in this Trust Agreement, the Trustees have a sole and absolute discretion in exercising any power.
8.3 Subject to Article 8.1(g) and (h), a Trustee may not be compensated for services to the Trust.
8.4 No expenditure, approval or authorization shall be made or given except with the approval of the Trustees at a properly constituted periodic or special meeting of the Trustees.
8.5 A Trustee may be a member of a class or group of persons who is a recipient of a payment from a Granville Lake Mitigation Trust Fund. In addition, this fact shall not be a bar to participation by the Trustee in the decision to make the payment.
8.6 The Trustees shall keep true, accurate and complete books of account and other records of all assets, liabilities and transactions of the Trust. All...
Powers and Duties of Trustees. Sec.
1. The Trustees shall have authority to control and manage the operation and administration of the Trust in accordance with applicable law.
2. The Trustees shall hold, manage, care for, and protect the Trust Fund and collect the income therefrom and contributions thereto, except to the extent that any of these functions or responsibilities are assigned to another entity or entities pursuant to any provision of this Article.
(a) The assets of the Fund shall be managed by one or more investment managers, as defined in Section 3(38) of the Employee Retirement Income Security Act of 1974, each such investment manager to be appointed by the Trustees upon court approval of the appointment, and each such investment manager to have such rights, powers, authority, duties and responsibilities as are stated in a Consent Decree (hereinafter identified as "the Consent Decree") entered February 14, 1985 in the actions styled Xxxxxxx x. Xxxxxxx, et al. and Xxxxxxx x. Xxxxxxx, et al., Nos. 78 C 4075 and 82 C 7951 (N.D.Ill.), as heretofore and hereafter amended.
(b) Each investment manager appointed by the Trustees shall have the power and authority, in its sole discretion, to invest and reinvest the principal and income of the Trust Fund, delegated to it for management, in such property as shall be permissible investments in accordance with applicable law and agreements, including the Consent Decree, and may sell or otherwise dispose of such property at any time and from time to time as it determines to be in accordance with its fiduciary obligations.
(c) The Trustees shall develop the investment objectives and policies of the Fund, in accordance with the Consent Decree, with appropriate regard for the actuarial requirements of the Fund.
(d) The Trustees are authorized to procure from such solvent insurance company or companies as they may designate, a group health, accident and life policy or policies including, in their discretion, dependent coverages; the Trustees may also purchase, lease, manage or contract for any other programs or facilities which are to be used or devoted to the general health and welfare of the Employees and their families, including, without limitation, participation in, or adoption of, privately or governmentally sponsored health programs and also including self-insurance. The amounts of such policy or policies, or purchases or programs, shall be within the discretion of the Trustees.
4. With respect to all assets of the Fund except those a...
