Trustee Powers and Duties Sample Clauses
Trustee Powers and Duties. 11.1 The Trustee accepts the Trust created under the Plan and agrees to perform the obligations imposed.
11.2 The Trustee shall file annual financial reports with the Employer for the funds contributed to it by the Employer, but shall have no duty to see that the contributions received comply with the provisions of the Plan. The Trustee shall not be obliged to collect any contributions from the Employer, nor be obliged to see that funds deposited with it are deposited according to the provisions of the Plan.
11.3 The Investment Committee of the Church (the “Investment Committee”) shall have full discretion and authority with regard to the investment of the Trust Fund, including the sole power and authority as to the day-to-day investments of the Trust Fund, and shall serve at the pleasure of the Church. The Investment Committee shall coordinate its investment policy, as reflected in its written investment guidelines, with Plan financial needs as communicated to it by the Board of Pensions and Benefits USA of the Church of the Nazarene. The Investment Committee is authorized and empowered, but not by way of limitation, with the following powers, rights, and duties:
(a) To invest any part of the Trust Fund in any common stocks, bonds (including United States retirement plan bonds), insurance contracts, mortgages, notes, or other property of any kind, real or personal, as a prudent man would do under like circumstances. Every reasonable effort shall be made to avoid the purchase of securities of companies that major in the manufacturing, advertising, and selling of products and services that are contrary to the standards stated in the Manual of the Church;
(b) To retain in invested cash so much of the Trust Fund as it may deem advisable;
(c) To manage, sell, contract to sell, grant options to purchase, convey, exchange, transfer, abandon, improve, repair, insure, lease for any term even though commencing in the future or extending beyond the term of the Trust, and otherwise deal with all property, real or personal, in such manner, for such considerations and on such terms and conditions as the Trustee shall decide;
(d) To borrow money, to assume indebtedness, extend mortgages, and encumber by mortgage or pledge;
(e) To have with respect to the Trust all of the rights of an individual owner, including the power to give proxies, to participate in any voting trusts, mergers, consolidations or liquidations, and to exercise or sell stock subscriptions or conversio...
Trustee Powers and Duties. Subject to the following provisions of ------------------------- this ARTICLE XII, the Trustee shall commingle and jointly invest, or where specifically provided herein shall segregate and separately invest, the assets of the Fund, without distinction between corpus and income.
(a) The Trustee shall hold the Fund in trust, shall have the following general powers granted in this paragraph, subject to the directions, limitations, restrictions or prohibitions imposed hereunder, and, except as otherwise specifically provided herein, shall have exclusive authority and discretion in its management and control of the Fund.
(i) The Trustee shall invest and reinvest the Fund in such stocks, stock options (whether or not covered), warrants and rights, puts, calls, stock-index futures, bonds, securities, commodities, commodity futures and options, real estate mortgages, real estate investment trusts or funds, real estate, partnership interests, mutual funds, closed-end investment companies, regulated investment companies or trusts, common, collective or group trust funds (except as otherwise limited hereunder) and other investments, and in such proportion, as may be deemed suitable for the purposes and the funding policy hereof.
(ii) Such investments shall not be restricted to property and securities of the character authorized for investment by trustees under any present or future laws, with the exception of the Act.
(iii) To the extent permitted by law, the Trustee is expressly authorized to invest and reinvest the Fund and to execute any joinder or similar agreement therefor on behalf of the Plan:
(A) In any general common trust fund qualifying under Section 584 of the Code and maintained by any person, including but not limited to the Trustee or any affiliate of the Trustee in the same bank holding system affiliated group, as defined in Section 1504 of the Code, as the Trustee (if the Trustee and any such affiliate are banks or trust companies supervised by a state or federal agency) and/or the Investment Manager or any affiliate of the Investment Manager;
(B) In any other collective or group trust fund maintained by any person, including but not limited to any such bank or trust company and/or the Investment Manager or any affiliate of the Investment Manager, and consisting solely of assets of qualified retirement trusts and/or individual retirement accounts exempt from federal income taxation under the Code, as the Trustee or, where applicable, the Investment M...
Trustee Powers and Duties. The Trustee shall maintain accurate and detailed records and accounts of all transactions of the Plan, which shall be available at all reasonable times for inspection or audit by a person designated by the City and the Retirement Committee, and by any other person or entity to the extent required by law. As soon as practicable following the close of each Plan Year, the Trustee shall file with the City and the Retirement Committee a written report setting forth all transactions with respect to the Pension Fund during such Plan Year and listing the assets of the Pension Fund and the fair market value thereof as of the close of the period required by such report. The Trustee shall also provide the Retirement Committee with such other information in its possession as may be necessary for the Retirement Committee to conform with the requirements of the Internal Revenue Code that apply to government plans and the requirements of Nebraska law that apply to Police Officers Retirement Systems of Cities of the First Class. As soon as practicable after the last day of each Plan Year, the Trustee will deliver to the Retirement Committee a statement of each Participant's account as of that date, and the Retirement Committee shall forthwith deliver such statements to each respective Participant. The Trustee shall be responsible for maintaining the employer and employee contribution accounts pursuant to Section 5.1 of the Plan. Each statement of account shall be deemed to have been approved by the City if no written objection thereto is filed with the Trustee within ninety (90) days after such statement of account has been delivered to the Retirement Committee. If the Trustee and the City cannot agree with respect to any matter set forth in any such statement of account, the Trustee shall have the right to have such accounts settled by judicial proceedings, in which event only the Trustee, the City, and the Retirement Committee shall be necessary parties. The Retirement Committee shall notify the Participants that they must file any objections to the statements furnished them within sixty (60) days of delivery thereof. Objections shall be in writing and submitted to the Retirement Committee and the Trustee. If no written objection is received within the said sixty (60) day period, a Participant shall be conclusively deemed to have approved the statement of his accounts on behalf of himself, his heirs, executors, administrators, assigns, and Beneficiaries.
Trustee Powers and Duties. Subject to any limitations stated elsewhere herein, in addition to the authority, rights, privileges, powers and duties elsewhere herein vested in the Trustee and those now or hereafter conferred by law, the Trustee shall also have the following authority, rights, privileges, powers and duties:
(a) To hold, manage, control, collect and use the assets of the Trust in accordance with the terms of this instrument.
(b) To sell (for cash, on credit or both) exchange, or otherwise dispose of, the whole or any part of the assets of the Trust, at public or private sale; to lease (including, but not limited to, oil, gas, or mineral leases), rent, mortgage (including purchase money mortgages), pledge, or otherwise encumber, the whole or any part of the Trust; and to loan or borrow money in any manner, including by joint and several obligations, upon such terms and regardless of the duration of the Trust, as the Trustee may deem advisable.
(c) To invest or reinvest the Trust in property of any description whatsoever (including, but not limited to, oil, gas, or mineral interests; common or preferred stock; shares of investment trusts or companies; bills, notes and other evidences of indebtedness; non-income producing property; and property outside of Texas).
(d) To make or hold investments of any part of the Trust in common or undivided interest with other persons or entities, including an undivided interest in any property in which any Trustee, individually or otherwise, may hold an undivided interest; and to buy from or sell to any person or entity to the extent not otherwise prohibited herein.
(e) Any other investment selected by the Trustee which is qualified to receive investments from the Trust, including shares of any open-end or closed-end investment company registered under the Investment Company Act of 1940 (15 U.S.C. Section 80a-1, ET. SEQ.), as amended. The Trustee shall not be precluded from making such investment in an open-end investment company on the grounds that an investment company is organized, sponsored or controlled by the Trustee or an affiliate of the Trustee, or on the grounds that the Trustee or an affiliate of the Trustee provides services to such investment company as investment advisor, custodian, transfer agent, registrar, distributor or otherwise. The Trustee is specifically authorized to invest in shares of the investment portfolios offered by the Westcore Trust, subject to compliance with applicable Department of Labor and Treasury De...
Trustee Powers and Duties. 69 15.1 Acceptance............................................................................ 69 15.2
Trustee Powers and Duties. 36 12.2 Accounts............................................................................. 39 12.3 Two or More Trustees................................................................. 39 12.4 Management of Fund by Investment Manager............................................. 39 12.5
Trustee Powers and Duties