Limitations on Trustees' Powers Sample Clauses
The "Limitations on Trustees' Powers" clause defines specific restrictions on the actions and decisions that trustees are permitted to make in managing a trust. This clause may prohibit trustees from engaging in certain transactions, such as self-dealing, making high-risk investments, or distributing trust assets in ways not authorized by the trust document. By clearly outlining these boundaries, the clause helps prevent misuse of authority, protects beneficiaries' interests, and ensures that the trust is administered in accordance with its intended purpose.
POPULAR SAMPLE Copied 11 times
Limitations on Trustees' Powers. The Trustees are not permitted:
(a) to purchase or hold any securities or instruments except for the Shares, the Contract, the Treasury Securities, any additional U.S. Government Securities delivered to the Trust in connection with an extension of the Exchange Date pursuant to Section 2.3(e) of the Contract, the Temporary Investments contemplated by Section 3.5 and, in the event of a Reorganization Event or a Spin-Off Distribution, Marketable Securities or any other property received in such event;
(b) to dispose of the Contract prior to the Exchange Date;
(c) to issue any securities or instruments except for the Securities, or to issue any Securities other than the Securities sold to the Sponsor and the Securities to be sold pursuant to the Underwriting Agreement and until such Securities have been so purchased and paid for in full;
(d) to make short sales or purchases on margin;
(e) to write put or call options;
(f) to borrow money;
(g) to underwrite securities;
(h) to purchase or sell real estate, commodities or commodities contracts;
(i) to purchase restricted securities;
(j) to make loans (other than the purchase of the Treasury Securities pursuant to Section 2.3); or
(k) to take any action, or direct or permit the Administrator, the Paying Agent or the Custodian to take any action, that would vary the investment of the Holders within the meaning of Treasury Regulation Section 301.7701-4(c), or otherwise take any action or direct or permit any action to be taken that would or could cause the Trust not to be a "grantor trust" under the Code.
Limitations on Trustees' Powers. Notwithstanding anything herein to the contrary, no power of the Trustees enumerated herein or now or hereafter conferred upon trustees generally shall be construed to enable the Grantor, or Trustees or either of them, or both of them together, or any other person to purchase, exchange, or otherwise deal with or dispose of all or any part of the corpus or income of the trust for less than an adequate consideration in money or monies worth, or to the extent prohibited by Section 675 of the Internal Revenue Code of 1954, as amended, to enable the Grantor to borrow all or any part of the corpus or income of the trust, directly or indirectly, without adequate interest or security, or the power to allow the Grantor directly or indirectly to borrow either corpus or income from the trust and not completely repay such loan, including any interest, before the beginning of the taxable year. No part of the corpus or income of the trust property shall be used for or applied to the payment of premiums upon policies of insurance on the life of the Grantor. Trustees shall neither have nor exercise the power to vote or direct the voting of any shares or other securities of the trust except as expressly directed in a signed, written authorization by a majority of the then current income beneficiaries; nor shall the Trustees have or exercise the power to purchase or sell any trust assets, including stock or securities, without written and signed authorization from a majority of the then current income beneficiaries. A majority of the then current income beneficiaries shall have the power to cause trust assets, including stock or securities, to be sold or purchased, by so indicating their intention in a signed, written request delivered to the Trustees; provided, however, that the said power of the
Limitations on Trustees' Powers. The Trustee’s powers are subject to the Trustee’s duty to treat income and remaindermen beneficiaries equitably, and the grant of general powers above is limited as follows:
a. Neither the Trustee, the Settlor nor any Nonadverse Party to the Settlor shall have any power which enables the Settlor, her husband or any other person to purchase, exchange or otherwise deal with or dispose of the principal or income from any trust created hereunder for less than an adequate consideration in money or money’s worth.
Limitations on Trustees' Powers. The Trustees are not permitted:
(a) to purchase or hold any securities or instruments except for the Shares, the Contracts, the Treasury Securities, the Temporary Investments contemplated by Section 3.5 hereof and, in the event of a Reorganization Event, Marketable Securities;
(b) to dispose of the Contracts prior to the Exchange Date;
(c) to issue any securities or instruments except for the Securities, or to issue any Securities other than the Securities sold to the Sponsor and the Securities to be sold pursuant to the Underwriting Agreement and until such Securities have been so purchased and paid for in full;
(d) to make short sales or purchases on margin;
(e) to write put or call options;
(f) to borrow money;
(g) to underwrite securities;
(h) to purchase or sell real estate, commodities or commodities contracts;
(i) to purchase restricted securities;
(j) to make loans; or
(k) to take any action, or direct or permit the Administrator, the Paying Agent or the Custodian to take any action, that would vary the investment of the Holders within the meaning of Treasury Regulation Section 301.7701-4(c), or otherwise take any action or direct or permit any action to be taken that would or could cause the Trust not to be a "grantor trust" under the Code.
Limitations on Trustees' Powers. The Trustees, acting in the ------------------------------- name and on behalf of the Trust, are not permitted:
(a) to purchase or hold any securities, instruments or other property except for the Trust Estate;
(b) to dispose of the Trust Estate other than the distributions provided for in Sections 2.06, 2.07 and 3.02;
(c) to issue any securities or instruments other than the TrUEPrS sold to the Sponsor and to be sold pursuant to the Purchase Agreement upon full payment therefor as provided therein, or issued in accordance with Section 5.02 or 5.03;
(d) to make short sales or purchases on margin;
(e) to write put or call options;
(f) to borrow money;
(g) to underwrite securities;
(h) to purchase or sell real estate, commodities or commodities contracts;
(i) to purchase restricted securities;
(j) to make loans;
(k) to take any action, or direct or permit the Administrator, the Paying Agent or the Custodian to take any action, that would vary the investment of the Holders within the meaning of Treasury Regulation Section 301.7701-4(c), or otherwise take any action or direct or permit any action to be taken that would or could cause the Trust not to be a "grantor trust" under the Code; or
(l) to take any other action not specifically authorized by Section 2.05.
Limitations on Trustees' Powers. The Trustees, acting on behalf of the Trust, are not permitted:
(a) to purchase or hold any securities or instruments except for the U.S. Treasury Securities, the Contract, any Reference Security received pursuant to the Contract, and the Temporary Investments contemplated by Section 3.4 hereof;
(b) to dispose of the Contract prior to the Exchange Date;
(c) to issue any securities or instruments except for the STRYPES, or to issue any STRYPES other than the STRYPES sold to the Sponsors and the STRYPES to be sold pursuant to the Purchase Agreement and until such STRYPES have been so purchased and paid for in full;
(d) to make short sales or purchases on margin;
(e) to write put or call options;
(f) to borrow money;
(g) to underwrite securities;
(h) to purchase or sell real estate, commodities or commodities contracts;
(i) to purchase restricted securities;
(j) to make loans; or
(k) to take any action, or direct or permit the Administrator, the Paying Agent or the Custodian to take any action, that would vary the investment of the Holders within the meaning of Treasury Regulation Section 301.7701-4(c), or otherwise take any action or direct or permit any action to be taken that would or could cause the Trust not to be a "grantor trust" under the Code.
Limitations on Trustees' Powers. The Trustees are not permitted:
(a) to purchase or hold any securities or instruments other than the stripped Treasury Securities, the Contracts and the Shares or other property received pursuant to a Contract and/or a Collateral Agreement;
(b) to invest less than 70% of the Trust’s total assets in the Contracts (as measured at the pricing date of the Trust Securities offered by the Offering Circular);
(c) to dispose of a Contract prior to the termination of the Trust or dispose of the stripped Treasury Securities before the earliest of their respective maturities (except as provided under Section 2.4(d) and Section 4.1) and the termination of the Trust;
(d) to issue any securities or instruments except for the Trust Securities and securities issued to the Settlor, or to issue any Trust Securities other than the Trust Securities sold to the Settlor and the Trust Securities to be sold pursuant to the Purchase Agreement;
(e) to make short sales or purchases on margin;
(f) to write put or call options;
(g) to borrow money;
(h) to underwrite securities;
(i) to purchase or sell real estate, commodities or commodities contracts;
(j) to make loans (other than the purchase of the stripped Treasury Securities pursuant to Section 2.3);
(k) to vary the investments held by the Trust; or
(l) to take any action, or direct or permit the Administrator, the Paying Agent or the Custodian to take any action, that (i) would vary the investment of the Holders within the meaning of Treasury Regulation Section 301.7701-4(c) or (ii) otherwise take any action or direct or permit any action to be taken that would or could cause the Trust not to be a domestic “grantor trust” under the Code.
Limitations on Trustees' Powers. The Trustees are not permitted:
(a) to purchase or hold any securities or instruments except for the Shares, the Contracts, the Treasury Securities, the Temporary Investments contemplated by Section 3.5 hereof and, in the event of a Reorganization Event, Marketable Common Stock;
(b) to dispose of any Contract prior to the Exchange Date, except as provided in Section 2.5 hereof;
(c) to issue any securities or instruments except for the PEPS, or to issue any PEPS other than the PEPS sold to the Sponsor and the PEPS to be sold pursuant to the Underwriting Agreement and until such PEPS have been so purchased and paid for in full;
(d) to make short sales or purchases on margin;
(e) to write put or call options;
(f) to borrow money;
(g) to underwrite securities;
(i) to make loans; or
(j) to take any action, or direct or permit the Administrator, the Paying Agent or the Custodian to take any action, that would vary the investment of the Holders within the meaning of Treasury Regulation Section 301.7701-4(c), or otherwise take any action or direct or permit any action to be taken that would or could cause the Trust not to be a "grantor trust" under the Code.
Limitations on Trustees' Powers. The Trustees of the Marital Trust shall exercise their trustee powers so as to comply with the marital deduction statutes under local law and the I.R.C. and applicable regulations. The Trustees shall take no action and shall have no power, authority, or discretion over the division, establishment, or funding of the trusts created under this Trust Agreement, over investments, over the income or principal of the trust, or over distributions to the Surviving Spouse, which would impair the marital deduction as applied to the marital deduction gift or which would disqualify the Marital Trust or other property passing to or for the benefit of the Surviving Spouse for the allowance of a marital deduction.
Limitations on Trustees' Powers. Notwithstanding any provision of this Amendment to the contrary, no powers enumerated or accorded to trustees generally pursuant to applicable law shall be construed to enable the Grantor, or the Trustee or either of them, or any other person, to sell, purchase, exchange, or otherwise deal with or dispose of all or any parts of the corpus of the Trust for less than an adequate consideration in money or monies worth, or to enable the Grantor to borrow all or any part of the corpus of the Trust, directly or indirectly.