Common use of Powers and Duties of Trustees Clause in Contracts

Powers and Duties of Trustees. 8.1 The Trustees shall have, in addition to all other powers available to them by law, the following powers: (a) to receive and incorporate into the Trust Fund, money and property as may be contributed for such purpose; (b) to invest money constituting the Trust Fund from time to time in such manner and in such investments as they consider advisable, provided that such investments are limited to investments authorized by law for Manitoba municipalities and provided that the funds constituting the Participating Member Account may only be invested in guaranteed investment certificates or other similar guaranteed investments; (c) to exercise any rights incidental to the ownership of securities and other property; (d) from time to time to sell, transfer, assign, exchange, convey, mortgage, lease or otherwise dispose of any of the securities and other property; (e) to settle, compromise or submit to arbitration any claim, debts or damages due to or owing from the Trust Fund and to commence or defend any legal action or proceeding on behalf of the Trust Fund; (f) to retain a lawyer, accountant, actuary or other professional consultant from time to time and to rely and act, or refrain from acting, on the information or advice furnished by such persons upon due consideration of such advice or information; (g) to pay for all reasonable and necessary expenses incurred by the Trust or in connection with the establishment, administration and operation of the Trust, including reimbursement of reasonable expenses necessarily incurred by Trustees in the performance of their functions; and (h) to pay a Trustee an honorarium of no more than $500 in each year. 8.2 Except where specifically provided otherwise in this Trust Agreement, the Trustees have a sole and absolute discretion in exercising any power. 8.3 Subject to Article 8.1(g) and (h), a Trustee may not be compensated for services to the Trust. 8.4 No expenditure, approval or authorization shall be made or given except with the approval of the Trustees at a properly constituted periodic or special meeting of the Trustees. 8.5 A Trustee may be a member of a class or group of persons who is a recipient of a payment from a Granville Lake Mitigation Trust Fund. In addition, this fact shall not be a bar to participation by the Trustee in the decision to make the payment. 8.6 The Trustees shall keep true, accurate and complete books of account and other records of all assets, liabilities and transactions of the Trust. All such records shall be available for inspection by any Trustee or Member or his or her agent at any time during normal business hours or at any meeting of the Board.