STATUTORY SUPERVISOR Clause Samples
STATUTORY SUPERVISOR. 21.1 The Resident and the Operator appoint the Statutory Supervisor as stakeholder under the Deed of Supervision and agree to be bound by the provisions of the Deed of Supervision.
21.2 The Resident acknowledges that in terms of clause 20.2 of the Deed of Supervision, the Statutory Supervisor and every attorney, agent or other person appointed by the Statutory Supervisor pursuant to that Deed, will be entitled to be indemnified by the Operator and by the Resident and all other Residents for the time being in the Village:
(a) in respect of all expenses and liabilities reasonably incurred by the Statutory Supervisor in the execution or purported execution in good faith of the Statutory Supervisor’s duties hereunder, or any powers, authorities, or directions vested in the Statutory Supervisor pursuant to that Deed; and
(b) against all actions, proceedings, costs, claims and demands in respect of any matter or thing done or omitted relating to the Statutory Supervisor’s appointment and duties under the Deed of Supervision, other than a claim arising out of a wilful or negligent default by the Statutory Supervisor.
21.3 It is acknowledged for the purposes of the Contracts (Privity) ▇▇▇ ▇▇▇▇, that the provisions of this clause 21 are provided for the benefit of the Statutory Supervisor as well as binding the Operator and the Resident, and are intended to be enforceable by the Statutory Supervisor against either party as well as by the Operator and the Resident.
21.4 Procedure if there ceases to be a statutory supervisor If there ceases to be a Statutory Supervisor for the Village, the Operator shall promptly exercise its power of appointment of a new Statutory Supervisor who is approved as such pursuant to the Act and shall require the new Statutory Supervisor to execute a Deed undertaking to be bound by all the obligations of the Statutory Supervisor under the Deed of Supervision, and as from the date of the appointment the new Statutory Supervisor shall be vested with all the rights, powers, immunities, duties and obligations of its predecessor as if it had been originally named as a party to the Deed of Supervision.
STATUTORY SUPERVISOR. 13.4.1 To comply with the Trust’s covenants in favour of the Statutory Supervisor as set out in the Deed of Supervision for the benefit of the residents and in particular to communicate and report to the Statutory Supervisor as required in the Deed of Supervision.
13.4.2 To ensure the residents have access to the Statutory Supervisor by providing residents with contact details for the Statutory Supervisor.
STATUTORY SUPERVISOR. Statutory Supervisor must hold a licence
9.1 The Statutory Supervisor warrants that it holds and will continue to hold during the term of this Deed a licence under the Securities Trustees and ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇ ▇▇▇▇ that permits the Statutory Supervisor to act as the statutory supervisor in respect of the securities under this Deed.
STATUTORY SUPERVISOR. 53.1 The Operator and the Resident each agree to be bound by the terms of the Deed of Supervision.
53.2 If the Statutory Supervisor retires or his appointment is otherwise terminated, we will (subject to any approval required by law) appoint another person or corporation to be the Statutory Supervisor of the Village.
53.3 Subject to the operation of law, the position of the Statutory Supervisor will not be vacated until:
(a) our appointment of a new Statutory Supervisor; and
(b) that new Statutory Supervisor's acceptance of its appointment; and
(c) the execution by that new Statutory Supervisor of a Deed of Supervision whereby it accedes to the duties and powers of the Statutory Supervisor under that Deed. General Obligations of both of Us
STATUTORY SUPERVISOR. Covenant Trustee Services Limited including its successors.
STATUTORY SUPERVISOR. 57.1 The Operator and the Resident each agree to be bound by the terms of the Deed of Supervision.
57.2 In terms of the Deed of Supervision, the Statutory Supervisor will be entitled to be indemnified by us and by you and all the other residents for the time being in the Village in respect of all expenses and liabilities reasonably incurred by the Statutory Supervisor, and against all claims the Statutory Supervisor may suffer in respect of any matter relating to his appointment and duties under the Deed of Supervision (other than a claim arising out of gross negligence, bad faith or wilful misconduct by the Statutory Supervisor).
57.3 In accordance with the Contracts (Privity) ▇▇▇ ▇▇▇▇, the provisions of this clause are intended to be enforceable by the Statutory Supervisor as a person beneficially entitled.
STATUTORY SUPERVISOR. 21.1. The Operator and the Resident each agree to be bound by the terms of the Deed of Supervision.
21.2. In the event that the Statutory Supervisor of the Village for any reason ceases to be the Statutory Supervisor of the Village, the Operator will take all necessary steps to replace such Statutory Supervisor or may seek an exemption under the Act.
STATUTORY SUPERVISOR. 55.1 In terms of the Deed of Supervision, the Statutory Supervisor will be entitled to be indemnified by us and by you and all the other residents for the time being in the Village in respect of all expenses and liabilities reasonably incurred by the Statutory Supervisor, and against all claims the Statutory Supervisor may suffer in respect of any matter relating to his appointment and duties under the Deed of Supervision (other than a claim arising out of gross negligence, bad faith or wilful misconduct by the Statutory Supervisor).
55.2 In accordance with the Contracts (Privity) Act 1982, the provisions of this clause are intended to be enforceable by the Statutory Supervisor as a person beneficially entitled.
STATUTORY SUPERVISOR. 16.1 The parties acknowledge and agree that, except where the Statutory Supervisory decides that it would be impracticable to do so, the Statutory Supervisor is to be registered as the proprietor of the Limited Partnership’s land in trust for the Limited Partners as tenants in common in the same proportion that the number of LP Units held by each Limited Partner bears to the total number of LP Units in the Limited Partnership.
16.2 The Partners delegate to the Statutory Supervisor all the powers, authorities and discretion vested in them as beneficial owners of the Partnership’s land to be exercised by the Statutory Supervisor on behalf of the Limited Partnership.
16.3 The Statutory Supervisor covenants and agrees with the Partners to execute as the legal owner of the Partnership’s land any document, deed, mortgage, pledge, encumbrance or transfer of any property of the Partnership or any part thereof at the request of the General Partner.
16.4 The Statutory Supervisor shall hold all income, profits, accretion and capital arising from the ownership of the Partnership’s land for the Partners absolutely in accordance with their respective Partnership Interests.
STATUTORY SUPERVISOR. 61.1 In terms of the Deed of Supervision, the Statutory Supervisor will be entitled to be indemnified by us and by you and all the other residents for the time being in the Village in respect of all expenses and liabilities reasonably incurred by the Statutory Supervisor, and against all claims the Statutory Supervisor may suffer in respect of any matter relating to his appointment and duties under the Deed of Supervision (other than a claim arising out of gross negligence, bad faith or wilful misconduct by the Statutory Supervisor).
61.2 In accordance with the Contracts (Privity) ▇▇▇ ▇▇▇▇, the provisions of this clause are intended to be enforceable by the Statutory Supervisor as a person beneficially entitled.