Trustee’s Good Faith Action, Expert Advice, No Bond or Surety. Section 2. The exercise by the Trustees of their powers and discretions hereunder shall be binding upon everyone interested. A Trustee shall be liable for his or her own willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of the office of Trustee, and for nothing else. The Trustees may take advice of counsel or other experts with respect to the meaning and operation of this Declaration of Trust, and shall be under no liability for any act or omission in accordance with such advice or for failing to follow such advice. The Trustees shall not be required to give any bond as such, nor any surety if a bond is required.
Appears in 7 contracts
Samples: Agreement and Declaration of Trust (DoubleLine Equity Funds), Putnam Utilities Growth And (Putnam Global Utilities Fund), Agreement and Declaration of Trust (Putnam Municipal Opportunities Trust)
Trustee’s Good Faith Action, Expert Advice, No Bond or Surety. Section 2. The exercise by the Trustees of their powers and discretions hereunder shall be binding upon everyone interested. A Trustee shall be liable for his or her own willful wilful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of the office of Trustee, and for nothing else. The Trustees may take advice of counsel or other experts with respect to the meaning and operation of this Declaration of Trust, and shall be under no liability for any act or omission in accordance with such advice or for failing to follow such advice. The Trustees shall not be required to give any bond as such, nor any surety if a bond is required.
Appears in 1 contract
Samples: Agreement and Declaration of Trust (Putnam Managed Municipal Income Trust)
