By the Trustees Clause Samples
The "By the Trustees" clause defines the powers, duties, or actions that may be taken by the trustees of a trust or similar entity. Typically, this clause outlines the specific authority granted to the trustees, such as managing trust assets, making investment decisions, or distributing income to beneficiaries. For example, it may specify that only the trustees can approve certain transactions or amendments to the trust. The core function of this clause is to clearly delineate the scope of the trustees' authority, ensuring that all parties understand who is empowered to act on behalf of the trust and under what circumstances, thereby preventing disputes and maintaining proper governance.
By the Trustees. This Agreement and Declaration of Trust may be terminated by an instrument in writing executed by all the Trustees when there is no longer in force and effect a collective bargaining agreement between any Employer and any Local Union requiring contributions to the Fund.
By the Trustees. This Agreement and Declaration of Trust may be terminated by an instrument in writing, executed by the Trustees upon the happening of any one or more of the following events:
(a) If the Trust Fund is in the opinion of the Trustees, inadequate to carry out the intent and purpose of this Trust Agreement, or is inadequate to meet the payments due or to become due under this Trust Agreement and under the Plan of Pension Benefits to Employees and Beneficiaries;
(b) If there are no individuals living who can qualify as Employees or Beneficiaries hereunder;
(c) When the Trustees determine in their discretion that there is no longer in force and effect a substantial number of Collective Bargaining Agreements or signed stipulations requiring contributions to the Pension Trust Fund.
By the Trustees. This Trust Agreement may be terminated by an instrument in writing, executed by the Trustees when there is no longer in force and effect a collective bargaining agreement requiring contributions to the National Elevator Industry Educational Program.
By the Trustees. This Trust Agreement may be terminated by a document in writing, adopted by the Trustees if any one or more of the following events occur:
(a) if, in the opinion of the Trustees, the Trust Fund is not adequate to carry out the intent and purpose of this Trust Agreement, or is not adequate to meet the payments due or to become due under the Plan of Benefits;
(b) if there are no individuals living who can qualify as Employees or Beneficiaries under this Trust Agreement or the Plan of Benefits;
(c) if Collective Bargaining Agreements or other agreements requiring Employee Elective Deferrals and/or Non-Elective Annuity Contributions to the Trust Fund are no longer in force and effect.