Common use of Protector Clause in Contracts

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.