Protector Clause Samples
The Protector clause designates an independent third party, known as the Protector, who is granted specific powers to oversee and intervene in the administration of a trust. Typically, the Protector may have authority to approve or veto certain trustee decisions, replace trustees, or amend trust terms under defined circumstances. This clause serves to add an extra layer of oversight and flexibility, ensuring that the trust is managed in accordance with the settlor’s intentions and providing a mechanism to address unforeseen issues or trustee misconduct.
Protector. (a) The Protector shall initially hold the office of protector of this Plan for the purposes of section 20 of the Act with the powers and functions set out in this Agreement.
(b) The Protector shall be entitled to appoint successor protectors which may be recorded by memorandum to be permanently annexed to this Agreement.
(c) In the event that the Protector becomes insolvent or subject to a winding up order, then that Protector shall be deemed to be removed as Protector and any successor Protector shall assume the role. If there is no successor Protector then the Trustee shall be entitled to appoint a new Protector.
(d) Any provision of this Agreement which requires the consent of the Protector shall require the Protector’s prior written consent on each occasion unless a general form of consent to future actions has been expressly granted.
(e) No person dealing with the Trustee shall be concerned to enquire as to the concurrence or otherwise of the Protector, or be affected by notice of the fact that the Protector may have not concurred.
(f) Notwithstanding the above, the Protector shall have the power to ratify any prior action or inaction of the Trustee in which case the Protector’s consent shall be deemed to have been given on the date of such action or inaction.
(g) Where any provision of this Agreement does not expressly require the consent of the Protector then no such requirement for consent shall be implied.
Protector. For purposes of this Agreement, the “Protector” means the person or persons who for the time being are serving as a protector under this Clause 18.
Protector. If a Protector is named in the Trust Agreement, the Protector may, from time to time, remove any Trustee with or without cause, without the need for a replacement Trustee to be appointed unless the office of Trustee would be thereby left vacant. Any Protector for whom no successor is designated (or a successor Protector has been designated but such individual is unable to serve for any reason) may designate one or more successor Protectors to serve consecutively. The Protector is not a fiduciary and shall not be liable to any person for any act or omission as Protector. Notwithstanding anything to the contrary contained herein, in the event that state law requires a Protector to fulfill fiduciary duties, all such duties shall be owed solely to the Grantor and to no other persons. Only an individual who could serve as an Independent Trustee shall be eligible to serve as Protector.
Protector. 7.1 The Protector will be a person or legal entity or institution appointed as such by the Beneficiaries. Such appointment will only be obligatory if the Trust acquires fixed property with the financial assistance of the National Department of Land Affairs or any other Governmental or non-Governmental organization or person by way of a gift, bequest, grant or loan.