Allocation and Delegation of Fiduciary Responsibilities Sample Clauses

The "Allocation and Delegation of Fiduciary Responsibilities" clause defines how fiduciary duties are assigned and, where appropriate, delegated among parties involved in a contractual or organizational relationship. This clause typically outlines which party is responsible for specific fiduciary tasks, such as managing assets, making investment decisions, or overseeing compliance, and may specify the conditions under which these responsibilities can be delegated to third parties or subordinates. Its core practical function is to ensure clarity and accountability regarding who holds fiduciary obligations, thereby reducing the risk of disputes or misunderstandings about roles and responsibilities.
Allocation and Delegation of Fiduciary Responsibilities. The Trustees may, by resolution or by-law or by provisions of this Trust Agreement, allocate fiduciary responsibilities and various administrative duties to committees or subcommittees of the Board of Trustees, and they may delegate such responsibilities and duties to other individuals as they may deem appropriate or necessary in their sole discretion and consistent with the Act.
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Allocation and Delegation of Fiduciary Responsibilities. The Trustees may, by resolution or by-law, allocate fiduciary responsibilities and various administrative duties to committees or subcommittees of the Board of Trustees in their sole discretion and consistent with the Act. Any such committee shall have those duties and powers enumerated in the resolution establishing the committee. Any such committee shall consist of an equal number of Employer and Union Trustees. A quorum of a committee shall be a majority of the members of the committee. If the Employer Trustee group and/or the Union Trustee group, respectively, nominate a Trustee of their group for membership on any committee, the Chairman shall appoint such nominee in filling any vacancy. Appointment as a member of any committee shall be communicated in writing to the appointee by the Administrative Director. Any resignation of a Trustee as a committee member shall be submitted in writing to the Administrative Director who shall promptly notify the Trustees. Any appointed member of any committee may be removed from membership in such committee by the group of Trustees appointing him at any time for any reason.
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Allocation and Delegation of Fiduciary Responsibilities. (1) The Fiduciaries shall have only such powers, duties, responsibilities and authorities as are specified in the Plan or Trust Agreement or as shall be delegated to them pursuant to this Section. The Administrative Committee shall have the responsibility and authority to carry out the duties assigned or allocated to it hereunder or under the Trust Agreement, and to interpret and administer the Plan, subject to the provisions hereof. The Trustee shall have the responsibility and authority for the administration of the Trust Fund subject to the provisions of the Trust Agreement. The Company shall be the Plan Administrator, shall have the responsibility (along with the other Employers) for making contributions under the Plan, and shall have the authority to amend or terminate the Plan in whole or in part. The Investment Committee shall be appointed by the Board and shall have the responsibility and authority: (a) to monitor the performance of the Trustee; (b) to appoint and remove Investment Advisors with respect to the Plan, and any Trustee or any successor Trustee under the Trust Agreement; and (c) to direct the segregation of all or a portion of the assets of any Investment Fund of the Trust into an Investment Advisor Account or Accounts at any time and from time to time and to add or withdraw assets from such Investment Advisor Account or Accounts as it deems desirable or appropriate. (2) The Company, the Investment Committee and the Administrative Committee may each designate any person (in addition to those specifically designated in the Plan) as a Fiduciary or Named Fiduciary and may delegate to any such person any one or more powers, functions, duties and/or responsibilities with respect to the Plan, provided that no such power, function, duty or responsibility which is assigned to a Fiduciary (other than the delegator) pursuant to some other Section of the Plan or Trust Agreement shall be so delegated without the written consent of such Fiduciary. (3) Any delegation pursuant to Subsection (2) of this Section, (a) shall be signed by the delegator, be delivered to and accepted in writing by the delegatee and be delivered to the Administrative Committee, (b) shall contain such provisions and conditions relating to such delegation as the delegator deems appropriate, (c) shall specifically designate the powers, functions, duties and responsibilities therein delegated, (d) may be amended from time to time by written agreement signed by the delegator and t...
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Related to Allocation and Delegation of Fiduciary Responsibilities

  • Delegation of Responsibilities The Advisor is authorized to delegate any or all of its rights, duties and obligations under this Agreement to one or more sub-advisors, and may enter into agreements with sub-advisors, and may replace any such sub-advisors from time to time in its discretion, in accordance with the 1940 Act, the Advisers Act, and rules and regulations thereunder, as such statutes, rules and regulations are amended from time to time or are interpreted from time to time by the staff of the Securities and Exchange Commission ("SEC"), and if applicable, exemptive orders or similar relief granted by the SEC and upon receipt of approval of such sub-advisors by the Board of Trustees and by shareholders (unless any such approval is not required by such statutes, rules, regulations, interpretations, orders or similar relief).

  • Allocation of Responsibilities The persons responsible for the Plan and the duties and responsibilities allocated to each are as follows:

  • FIDUCIARY RESPONSIBILITIES Each Member shall exercise all powers and perform all duties in good faith and shall act in all matters consistent with the duty of loyalty and the duty of care. Pursuant to Section ▇▇-▇▇-▇▇▇ of the Act, the Member acts in good faith if acting with a view to the interests of the limited liability company and of the members and with the degree of diligence, care and skill that ordinarily prudent persons would exercise in similar circumstances.

  • IRO Responsibilities The IRO shall: 1. perform each Claims Review in accordance with the specific requirements of the CIA;

  • Allocation of Responsibility The City assumes no responsibility for the tax consequences of any VEBA contributions made by or on behalf of any member. Each union that elects to require VEBA contributions for the benefit of its members assumes sole responsibility for insuring that the VEBA complies with all applicable laws, including, without limitation, the Internal Revenue Code, and agrees to indemnify and hold the City harmless for any taxes, penalties and any other costs and expenses resulting from such contributions.