Trustees Accounts Clause Samples

Trustees Accounts. SECTION 6.1 ACCOUNTS...................................................................................... 13 SECTION 6.2

Trustees Accounts. 9.1 The Trustees shall keep such records, statements, vouchers and other documents as are sufficient to show for each financial year of the Trust: (a) the true financial position of the Trust at the end of such year; and (b) all applications of capital and income during such year. 9.2 The Trustees shall account to the Board upon request. 9.3 The Board’s written approval of the Trustees’ accounts shall constitute a full and complete release to the Trustees of all claims and causes of action arising from or out of their administration of the Trust during the period covered by such accounts, fraud or willful wrongdoing on the part of the Trustees only excepted. 9.4 The Trustees may, at any time or times, apply to the court for an order approving the Trustees’ accounts. 9.5 All expenses relating to the preparation of the Trustees’ accounts, the delivery of copies of the Trustees’ accounts to the Board, and each application to the court for an order approving the Trustees’ accounts shall, unless otherwise ordered by a court having jurisdiction over the Trustees or this Trust, be charged against, and paid from, the Trust Fund (and in the absence of sufficient funds, such expenses shall be paid by the Company). 9.6 Unless the Trustees determine otherwise, all dividends, interest and other income received by the Trustees shall be treated as income at the date of receipt, whether or not such dividends or other income shall have been earned wholly or partially in respect of a period prior to the date of receipt.

Trustees Accounts. The Trustees shall keep true and accurate accounts of all investments, receipts and disbursements and other transactions hereunder, and all accounts, books and records relating thereto shall be open to inspection and audit at all reasonable times by any person or persons designated by the Company or the USWA. Within a reasonable period following the close of each calendar year, or following the close of such other periods as the Trustees direct, and after the removal or resignation of a Trustee (or all of the Trustees), or the termination of the Trust, the Trustees shall file with the Company and the USWA an accounting of their transactions since the last previous such accounting. No person or persons other than the Company and the USWA shall be entitled to any accountings by the Trustees. Upon the expiration of ninety (90) days from the date of filing such accounting, to the extent permitted by applicable law, the Trustees shall be forever released and discharged from any liability or accountability to anyone as respects the acts or transactions shown in such accounting, except with respect to any such acts or transactions as to which the Company or USWA shall, within such ninety (90) day period, file with the Trustees a written statement setting forth its exceptions or objections. If the Trustees and the Company or USWA cannot amicably settle the questions raised by such exceptions or objections, the Trustees, the Company or USWA shall have the right to have questions settled by judicial proceedings. Nothing herein contained shall be construed as depriving the Trustees of the right to have a judicial settlement of its accounts. In any proceeding for a judicial settlement of such accounts or for instructions, the only necessary parties shall be the Trustees, the Company and the USWA.

Trustees Accounts. The Trustees shall keep or, in the Trustees’ sole and absolute discretion, shall cause others to keep, accurate written records and books of account of the trust estate, showing the manner in which the trust estate is invested, if applicable, and all receipts, disbursements, and other transactions involving the trust estate. All such records and books of account shall be the property of the Trustees during the duration of this Trust and their trusteeship and they, together with the Trust Property and all reasonable evidence thereof, plus any accounts, shall not be made available to any beneficiary during the trust term except as hereinabove provided or as may be required by applicable law.

Trustees Accounts. Section 6.1 Accounts..............................................................................15 -------- Section 6.2 Valuation of Trust Fund...............................................................15 ----------------------- Section 6.3 Reports to the Plan Administrator.....................................................15 --------------------------------- Section 6.4 Right of Judicial Settlement..........................................................16 ---------------------------- Section 6.5 Enforcement of Agreement..............................................................16 ------------------------

Trustees Accounts. 5.1 Records.............................................................. 5.2

Trustees Accounts. 15 4.1 Records.................................................... 15 4.2 Annual Accounting; Final Accounting........................ 16 4.3 Valuation.................................................. 16 4.4

Trustees Accounts. Accounts 9 Section 5.2 Valuation of Trust Fund 9 Section 5.3 Reports to the Committee 9 Section 5.4 Right of Judicial Settlement 10 Section 5.5 Enforcement of Agreement 10 Article VI

Trustees Accounts. The Trustees shall not be required to file annual or other accounts with any court. Nevertheless, the Trustees shall, if requested by any adult income beneficiary or adult remainderman, render an annual account and may, at any other time during the course of the administration of any trust created under the Trust Agreement, including at the time of the death, resignation, or removal of any Trustee, render an intermediate account of trust proceedings to the then-current adult income beneficiaries and to those of the adult remaindermen who would take if the trust terminated at such time. Standard transaction and asset statements rendered annually or more often by the Trustees shall be deemed sufficient to satisfy this requirement. The written approval of such account or statements by all such income beneficiaries and remaindermen shall, pursuant to the provisions of the Subparagraph herein entitled ‘Virtual Representation,’ bind all persons then having or thereafter acquiring or claiming any interest in any trust, and shall be a complete discharge to the Trustees with respect to all matters set forth in the account as fully as though the account had been judicially settled in an action or proceeding in which all persons having, acquiring, or claiming any interest were duly made parties and duly represented.