Common use of OPERATIVE PART Clause in Contracts

OPERATIVE PART. The Trustee in exercise of the power given to the Trustee by clause 21.1 of the Trust Deed and with the consent of more than 75% of the Beneficiaries hereby adds to and varies the Trust Deed and declares (inter alia) the following new or other powers authorities and discretions concerning the management, control or investment of the Trust Fund as follows: 2.1 delete the word “The” appearing after the words “Any trustee of the Trust may retire as trustee of the Trust.” in the existing clause 22.1 and replace it with the words “Subject to clause 22.3, the”; 2.2 insert after clause 22.2 the following: 22.3 The retiring or continuing trustee shall only be entitled to appoint any new or additional trustee of the Trust with the consent of not less than 75% of the Beneficiaries. 22.4 The Beneficiaries may at any time by Special Resolution: (a) remove a Trustee from the office as trustee of the Trust; and (b) appoint such new or additional Trustee. For the purposes of this clause 22.4, “Special Resolution” means a resolution passed or decision made by not less than 75% of the Beneficiaries.” 2.3 insert a new clause 13A as follows: Unless the Beneficiaries otherwise direct (such direction to be given by not less than 75% of the Beneficiaries), the Trustees shall delegate all of the powers authorities and discretions contained in subclauses (a) to (x) of clause 12 to the Board of Management. The Trustees shall, at the direction of the Board of Management, do such things as may be necessary to give effect to the exercise of a power, authority or discretion by the Board of Management.”