Common use of Power and Authorities Clause in Contracts

Power and Authorities. The Trustees may: (a) make, execute, acknowledge and deliver any agreements with any person or corporation, concerning any Trust Funds; (b) open or operate a bank account or bank accounts as may be expedient in the opinion of the Trustees and deposit any cash balances in the hands of the Trustees at any time in any chartered bank or trust company or credit union, and for the purposes of the Trust, draw, make, endorse, deposit and deal in cheques, bills of exchange, promissory notes, drafts, or any security documents of any nature or kind, with such bank or trust company or credit union, provided that the signing authority for any such bank accounts or trust company accounts or credit union accounts which are opened shall require the signatures of three (3) persons, being two (2) Trustees (one of whom must be any of the Community Council appointed Trustees and the other, any of the Adult Resident appointed or elected Trustees) and one (1) of the Community Council administration officers, and for such purposes the signatures of such persons shall be valid and binding upon the Trust, and all such forms as may be required to open bank accounts, or trust company accounts or credit union accounts, operate same and related matters, shall be completed in the required manner and on the forms required by such bank or trust company account or credit union account; (c) employ professional financial and/or investment advisors, brokers, solicitors, Auditors, accountants and agents, deemed by the Trustees to be helpful for the proper settlement or administration of the Trust, and to do so without any liability for any neglect, omission, misconduct, or default of any such employed person, provided such employed person was selected and retained with reasonable care, and determine and pay reasonable compensation for all charges associated with the use of such professional services; (d) following notice to, and approval by, the Community Council, provided the Community Council are not parties adverse in interest, prosecute, defend or settle any suits, actions or other proceedings affecting them or the Trust; (e) make, or refrain from making, any election, determination or designation permitted by any statute or regulation enacted by Parliament or by a Legislature of a province of Canada or by any other legislative or governmental body of any other country, which exercise of discretion by the Trustees shall be binding upon all of the beneficiaries of this Trust; (f) invest the Trust Funds in accordance with the guidelines set forth in Appendix 2; and the Trustees may retain, as an authorized investment of the Trust, for all purposes of this Trust, for such length of time as they consider necessary, any cash or other property originally transferred to the Trustees pursuant to this Indenture; (g) borrow funds on security or without security from time to time for any purpose upon such terms and conditions as they may deem advisable, and as security therefore they may mortgage, pledge, hypothecate, or otherwise charge the Trust Funds or any part thereof, and may make, execute and deliver such notes, bonds, mortgages, or other obligations as may be required; (h) retain the offices of the Community Council to provide bookkeeping and general administrative tasks for the Trust for an annual fee as agreed to by the Trustees and the Community Council; (i) to pay for all reasonable and necessary expenses incurred by the Trust in connection with its establishment, administration and operation, including reimbursement of reasonable expenses, incurred by the Trustees in the performance of their duties; (j) pay any taxes payable by the Trust in respect of any Trust Funds; (k) make payment of any of the Income of the Trust to the Community either in cash, in kind, or by the issue of a non-interest bearing unrestricted demand promissory note; and (l) exercise such other incidental powers and authorities as are necessary to accomplish the purposes of the Trust set out in Article 3.3.