Trust Purposes definition
Examples of Trust Purposes in a sentence
Subject to any express limitations contained in this Trust Deed or the Trustee Act 1956 or implied by general law, the Trustees shall be capable of holding real and personal property, of suing and being sued, and shall have all of the rights, powers and privileges of natural persons so that the Trustees may do all such things they consider necessary in their absolute discretion to perform or otherwise carry out the Trust Purposes.
Except as specifically provided in this Agreement, the Trustees shall have exclusive and complete authority to carry out the Trust Purposes, and shall have no duties or powers except as set forth in this Agreement and applicable law.
The Beneficiaries hereby expressly agree that the Trustee shall act at all times pursuant to the provisions of this Agreement, in compliance with the obligations, and exercising the authorities granted to it herein, for the purpose of complying with the Trust Purposes.
On or after the Effective Date, the Trustee may establish and fund from the Trust Assets one or more funds, reserves or accounts (or sub-accounts) within the Trust as determined by the Trustee, in its reasonable discretion in consultation with the Trust Committee, to be necessary, appropriate or desirable in carrying out the Trust Purposes and consistent with the Plan and this Trust Agreement.
The Trustee hereby (a) accepts its appointment as Trustee of this Agreement, and agrees to duly and faithfully comply with the Trust Purposes, and with all obligations assumed by the Trustee in terms of this Agreement, and Applicable Law; (ii) receives the Initial Contribution pursuant to the terms of this Agreement; and (iii) acknowledges and accepts title over the Trust Property that is transferred to the Trustee for the Trust Purposes.