Compensation and Limitation of Liability of Officers and Trustees Clause Samples

The "Compensation and Limitation of Liability of Officers and Trustees" clause defines the rules regarding payment to, and legal protection for, individuals serving as officers or trustees of an organization. Typically, this clause outlines whether and how these individuals may be compensated for their services, and sets limits on their personal liability for actions taken in their official capacity, often excepting cases of gross negligence or willful misconduct. Its core function is to attract qualified individuals to leadership roles by providing financial clarity and shielding them from personal risk arising from their organizational duties.
Compensation and Limitation of Liability of Officers and Trustees. 24 Section 1. Compensation..................................................24 Section 2. Indemnification and Limitation of Liability.................
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Compensation and Limitation of Liability of Officers and Trustees. 24 Section 1. Compensation 24 Section 2.
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Compensation and Limitation of Liability of Officers and Trustees. 23 Section 1. Compensation................................................................................23 Section 2.
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Compensation and Limitation of Liability of Officers and Trustees. Fiduciary Duties 18
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Compensation and Limitation of Liability of Officers and Trustees. 26 Section 1. Compensation............................................................................26 Section 2.
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Compensation and Limitation of Liability of Officers and Trustees. 20 Section 1. Compensation 20 Section 2. Indemnification and Limitation of Liability 20
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Compensation and Limitation of Liability of Officers and Trustees. Section 1. Compensation Section 2. Indemnification and Limitation of Liability.
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Compensation and Limitation of Liability of Officers and Trustees. Fiduciary Duties 18 Section 1. Compensation 18 Section 2. Indemnification and Limitation of Liability 18 Section 3. Officers and Trustees’ Good Faith Action, Expert Advice, No Bond or Surety 19 Section 4. Insurance 19 Section 5. Fiduciary Duties 19
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Compensation and Limitation of Liability of Officers and Trustees 
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Related to Compensation and Limitation of Liability of Officers and Trustees

  • Compensation and Limitation of Liability of Trustees Compensation ------------ Section 1. The Trustees as such shall be entitled to reasonable ---------- compensation from the Trust; they may fix the amount of their compensation. Nothing herein shall in any way prevent the employment of any Trustee for advisory, management, legal, accounting, investment banking, underwriting, brokerage or other services and payment for the same by the Trust. Limitation of Liability ----------------------- Section 2. The Trustees shall not be responsible or liable in any event ---------- for any neglect or wrongdoing of any officer, agent, employee, adviser, sub- adviser, manager or principal underwriter of the Trust, nor shall any Trustee be responsible for the act or omission of any other Trustee, but nothing herein contained shall protect any Trustee against any liability to which he or she would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office. Every note, bond, contract, instrument, certificate, Share or undertaking and every other act or thing whatsoever executed or done by or on behalf of the Trust or the Trustees or any of them in connection with the Trust shall be conclusively deemed to have been executed or done only in or with respect to their or his or her capacity as Trustees or Trustee, and such Trustees or Trustee shall not be personally liable thereon.

  • Compensation and Limitation of Liability 15 Section 1.

  • LIMITATION OF LIABILITY OF THE TRUSTEES, OFFICERS, AND SHAREHOLDERS A copy of the Agreement and Declaration of Trust of the Fund is on file with the Secretary of The Commonwealth of Massachusetts, and notice is hereby given that this instrument is executed on behalf of the Trustees of the Fund as Trustees and not individually and that the obligations of or arising out of this instrument are not binding upon any of the Trustees, officers or shareholders individually but are binding only upon the assets and property of the respective Fund.

  • Indemnification and Limitation of Liability (a) In the absence of willful misfeasance, bad faith, gross negligence or reckless disregard of obligations or duties hereunder on the part of FSSC and its trustees, officers, employees, agents and representatives, the Funds agree to indemnify FSSC and its trustees, officers, employees, agents and representatives against any and all claims, demands, liabilities and reasonable expenses (including attorneys’ fees), related to or otherwise connected with (i) any breach by the Funds of any provision of this Agreement; or (ii) any action by a Fund’s Shareholder against FSSC. (b) FSSC shall not be liable for any error of judgment or mistake of law or for any loss suffered by any Fund in connection with the matters to which this Agreement relates, except a loss resulting from willful misfeasance, bad faith or gross negligence on its part in the performance of its duties or from reckless disregard by it of its obligations and duties under this Agreement. In no event shall FSSC be liable for indirect or consequential damages. (c) Any person, even though also an officer, trustee, partner, employee or agent of FSSC, who may be or become an officer, employee or agent of any Fund or a member of a Fund's Board, shall be deemed, when rendering services to such Fund or acting on any business of such Fund (other than services or business in connection with the duties of FSSC hereunder) to be rendering such services to or acting solely for such Fund and not as an officer, trustee, partner, employee or agent or one under the control or direction of FSSC even though paid by FSSC. (d) FSSC is expressly put on notice of the limitation of liability as set forth in the Declaration of Trust of each Fund that is a Massachusetts business trust and agrees that the obligations assumed by each such Fund pursuant to this Agreement shall be limited in any case to such Fund and its assets and that FSSC shall not seek satisfaction of any such obligations from the Shareholders of such Fund, the Trustees, Officers, Employees or Agents of such Fund, or any of them. (e) The provisions of this Section shall survive the termination of this Agreement.

  • Limitation of Liability of Trustees and Shareholders The Adviser acknowledges the following limitation of liability: