Board Trustee definition
Examples of Board Trustee in a sentence
In the absence of bad faith by the Board Trustee, the resolution, action or terms so made, taken or provided by the Board Trustee shall not constitute a breach of this Trust Agreement or any other agreement contemplated herein or of any duty or obligation of the Board Trustee at law or in equity or otherwise.
Each Board Trustee shall meet the requirements of an “independent director” as set forth in Section 803 of the Listing Standards and shall not be subject to a statutory disqualification under Sections 8a(2) or 8a(3) of the CEA.
Any Board Trustee may resign at any time upon written notice to the Manager.
Notwithstanding anything contrary in this Trust Agreement, no Board Trustee shall perform any functions as a commodity pool operator with respect to the Trust, except those functions specifically required of (x) the Board Trustees who compose the Audit Committee pursuant to Section 5.2(a) hereto, as required under the Listing Standards, and (y) as may be required to effect the termination of the Manager as the Trust’s commodity pool operator pursuant to Section 5.2(d) hereto.
A Board Trustee shall not be liable or accountable hereunder to the Trust or to any other Person or under any other agreement to which the Trust is a party, except for his or her own actual fraud or willful misconduct.
Each Shareholder hereby agrees that the Trust, the Manager, each Board Trustee and the Resident Delaware Trustee are authorized to execute, deliver and perform the agreements, acts, transactions and matters contemplated hereby or described in or contemplated by the Registration Statement on the Trust’s behalf without any further act, approval or vote of the Shareholders, notwithstanding any other provision of this Trust Agreement, the Delaware Trust Statute or any applicable law, rule or regulation.
All rights to indemnification permitted herein and payment of associated expenses shall not be affected by the Board Trustee’s death, resignation, removal or a Bankruptcy Event with respect to such Board Trustee.
Each Board Trustee shall be entitled to such compensation for its services as the Board of Trustees shall determine pursuant to the provisions hereof.
Except as otherwise provided in this Article V, in being appointed a Board Trustee pursuant to Section 5.1 or Section 5.2, each Board Trustee acts solely as a Board Trustee hereunder and not in his or her individual capacity, and all Persons having any claim against a Board Trustee by reason of the transactions contemplated by this Trust Agreement and any other agreement to which the Trust is a party shall look only to the Trust Estate for payment or satisfaction thereof.
Each Board Trustee shall hold office until his or her death, resignation or removal.