Common use of Trustees Emeritus Clause in Contracts

Trustees Emeritus. An individual who has served as a Trustee for minimum of five years (5) and who retires voluntarily or who may not stand for re-election because of age may be designated by the remaining Trustees as a Trustee Emeritus. An individual designated as a Trustee Emeritus may, upon his or her request, be permitted to attend meetings of the Trustees and to receive all materials sent to active Trustees. A Trustee Emeritus shall not have voting rights at meetings of the Trustees and shall not be under a duty to manage or direct the business and affairs of the Trust. A Trustee Emeritus shall not be deemed to stand in a fiduciary relation to the Trust and shall not be responsible to discharge the duties of a Trustee or to exercise that diligence, care or skill which a Trustee would ordinarily be required to exercise under the laws of the Commonwealth of Massachusetts; provided, however, that a Trustee Emeritus may be held liable to the Trust for any action amounting to bad faith, willful misconduct or gross negligence, disclosure of any confidential information of the Trust or appropriation of any opportunity of the Trust. A stipend, the amount to be determined by the Trustees from time to time, which shall not exceed the basis upon which Trustees of the Trust are compensated, shall be paid to each Trustee Emeritus. A Trustee Emeritus shall be indemnified to the full extent that an officer or Trustee of the Trust may be indemnified under any provision of this Declaration of Trust or the By-Laws.

Trustees Emeritus. An individual who has served as The Trustees may, at any time and from time to time, establish a Trustee Emeritus policy for minimum Trustees who are not “interested persons” of five years the Trust (5as defined by the 0000 Xxx) and who retires voluntarily or who may not stand have served as such for re-election because a minimum period of age may be designated time as determined by the remaining Trustees as a Trustee EmeritusTrustees. An individual designated as a Trustee Emeritus may, upon his or her request, be permitted to attend meetings of the Trustees and to receive all materials sent to active Trustees. A Trustee Emeritus shall not have voting rights at meetings of the Trustees and shall not be under a duty to manage or direct the business and affairs of the Trust. A Trustee Emeritus shall not be deemed to stand in a fiduciary relation to the Trust and shall not be responsible to discharge the duties of a Trustee or to exercise that diligence, care or skill which a Trustee would ordinarily be required to exercise under the laws of the Commonwealth of Massachusetts; provided, however, that a Trustee Emeritus may be held liable to the Trust for any action amounting to bad faith, willful misconduct or gross negligence, disclosure of any confidential information of the Trust or appropriation of any opportunity of the Trust. A stipend, the amount to be determined by the Trustees from time to time, which shall not exceed the basis upon which Trustees of the Trust are compensated, shall be paid to each Trustee Emeritus. A Trustee Emeritus shall be indemnified to the full extent that an officer or Trustee of the Trust may be indemnified under any provision of this Declaration of Trust or the By-Laws.