Common use of Trustees Accounts Clause in Contracts

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.