Common use of Powers and Duties of Trustees Clause in Contracts

Powers and Duties of Trustees. For the purpose of carrying out the terms of this trust, the TRUSTEES shall have the powers and duties necessary for the administration of trust property, including without limitation the following powers which may be exercised by them without any action or consent by the OWNERS and which shall continue after the termination of the trust for the purpose of disposing of the trust property and until final disposition thereof: (a) to maintain, repair, improve, change or alter any property, real or personal, including building, repairing, tearing down and rebuilding structures or additions thereto; (b) to acquire by purchase, hire or otherwise, property convenient to the performance of their functions as TRUSTEES; (c) to adopt reasonable rules and regulations governing the enjoyment by the OWNERS of the trust property; (d) to convey permanent easements and lesser interests in, upon and over any ways for the installation, maintenance, repair and replacement of utilities and other services and rights incidental thereto; (e) to make contracts which the TRUSTEES deem convenient to the performance of their duties as TRUSTEES; (f) to borrow money; (g) to open bank accounts in the name of the trust or the TRUSTEES with power in any one of the TRUSTEES to draw on such accounts; (h) to procure insurance; (i) to pay, resist, compromise or submit to arbitration any claim or matter in dispute; (j) to determine and collect the common and special charges from the OWNERS and to pay such common and special charges; (k) to maintain, repair and replace the common sewage disposal systems serving those specific lots identified as being Lot 23, Lot 6, Lot 7, Lot 8, Lot 9, Lot 10, Lot 11, Lot 12, Lot 13 and Lot 14 and to ▇▇▇▇▇ any public health nuisance which, in the TRUSTEES' conclusive judgment, is caused thereby, or, upon notice and hearing by the Town of Lancaster Board of Health or other governmental body with jurisdiction which thereafter issues a valid order, to ▇▇▇▇▇ such nuisance; (l) to maintain, repair and replace the cistern for fire suppression on Lot ; and (m) to exercise any other powers which may be necessary or desirable for carrying out the terms of this Trust or which the TRUSTEES may have under any present or future statute or rule of law; and to execute and deliver all appropriate instruments in connection therewith. For the purpose of carrying out the terms of this Trust, the TRUSTEES with the consent of at least seventy-seven (77%) percent of the OWNERS, shall also have the following powers which shall continue after the termination of this Trust for the purpose of disposing of the trust property and until final disposition thereof: (a) to sell, exchange, mortgage, pledge, lease, rent and otherwise dispose of any property, real or personal; (b) to convey or impose a conservation restriction upon, or otherwise dedicate such property with the benefit thereof running to a public body or other entity for conservation purposes; (c) to convey to the Town of Lancaster or other public body the fee or any lesser interest in any way for the purpose of making it a public way; and (d) to discontinue any such way and convey the fee thereof, provided the OWNERS of all lands abutting on the way to be discontinued first assent thereto.

Powers and Duties of Trustees. For the purpose of carrying out the terms of this trustTrust, the TRUSTEES Trustees shall have the powers and duties necessary for the administration of trust Trust property, including including, without limitation limitation, the following powers which may be exercised by them without any action or consent by the OWNERS Owners and which shall continue after the termination of the trust Trust for the purpose of disposing of the trust Trust property and until final disposition thereof: (a) to maintain, install, repair, improvereplace and improve the Road, change or alter any property, real or personalall utilities, including buildingthose portions of the water system and sewer system and their respective equipment and appurtenances located within the common area, repairingand the Open Space lots as depicted on the Plan, tearing down subject to the provisions of the Declaration of Trust, and/or the Declaration of Easements, Covenants, Conditions and rebuilding structures or additions theretoRestrictions; (b) to acquire adopt reasonable Rules and Regulations governing the enjoyment by purchasethe of the Road, hire or otherwise, property convenient to the performance of their functions as TRUSTEESOpen Space lots and utilities; (c) to adopt reasonable rules make any and regulations governing the enjoyment by the OWNERS of the trust property; (d) to convey permanent easements and lesser interests in, upon and over any ways for the installation, maintenance, repair and replacement of utilities and other services and rights incidental thereto; (e) to make all contracts which the TRUSTEES Trustees deem necessary and/or convenient to the performance of their duties as TRUSTEESTrustees; (f) to borrow money; (gd) to open bank accounts in the name of the trust Trust or the TRUSTEES Trustees with power in any one all of the TRUSTEES Trustees to draw on such accounts; (he) to own, convey, encumber, lease or otherwise deal with Lots conveyed to it or purchased by it as a result of enforcement of the lien for common expenses, or otherwise, including the authority to transfer and convey to the Town of Hingham and/or its Conservation Commission, by gift or sale, such Open Space Lot(s) as are not required to be maintained by the Condominium as buffer zones pursuant to the applicable provisions of the Hingham Zoning By-Law; (f) to procure insuranceinsurance on the common areas and facilities of the Condominium. Such insurance shall be written in its name, and the provisions thereof shall be without prejudice to the right of each Owner to insure his Lot for his own benefit; (ig) to pay, resist, compromise or submit to litigation or arbitration any claim or matter in disputedispute relating to the common areas and facilities or arising out of the enforcement of the Declaration of Trust, the Declaration of Easements, Covenants, Conditions and Restrictions, or the Rules and Regulations; (jh) to determine calculate and collect determine, assess and collect, the common and special charges from the OWNERS and Owners for the purposes as referenced in this Declaration of Trust, to pay such charge interest for the late payment of common and special charges, and to levy reasonable fines for violations of the Declaration of Trust, the Declaration of Easements, Covenants, Conditions and Restrictions, or the Rules and Regulations; (ki) to disburse such funds received through such common and any special assessments, and issue Certificates releasing any lien for such common or special charges or assessments with such Certificates to be executed by a majority of the Trustees; (j) to maintain, repair and replace the common sewage disposal said Road, which will not be accepted as a public way, but which shall at all times remain a private way in perpetuity, as well as all utilities, water and sewer systems serving those specific lots identified as being Lot 23including, Lot 6without limitation, Lot 7pipes, Lot 8conduits, Lot 9pumps, Lot 10hydrants, Lot 11equipment, Lot 12, Lot 13 and Lot 14 and to ▇▇▇▇▇ any public health nuisance which, in the TRUSTEES' conclusive judgment, is caused thereby, or, upon notice and hearing by the Town of Lancaster Board of Health or other governmental body with jurisdiction which thereafter issues a valid order, to ▇▇▇▇▇ such nuisanceappurtenances related thereto; (lk) to maintainassume responsibility for the payment of costs of utility services supplied to the Condominium for the benefit of the Condominium common areas and facilities, repair and replace the cistern for fire suppression on Lot ; and (ml) to exercise any other powers which may be necessary or desirable for carrying out the terms of this Trust or which the TRUSTEES Trustees may have under any present or future statute or rule of law; and to execute execute, deliver, and deliver record all appropriate instruments and documents in connection therewith. For The Trust may appoint a manager or managing agent or be self–managed by the purpose of carrying out the terms of this Trust, the TRUSTEES with the consent of at least seventy-seven (77%) percent elected Trustees. The Trust shall keep a complete copy of the OWNERSfollowing items, except when the Trust shall also have the following powers which shall continue after the termination of this Trust appoint a manager or managing agent who has responsibility for the purpose collection of disposing assessments, payment of common expenses, or the trust property and until final disposition thereofaccounting or custody of common funds, in which case the manager or managing agent shall be responsible, without limitation, for keeping the records in item (5) below: (a1) to sella true and accurate copy of the Declaration of Trust as recorded and amended; (2) a true and accurate copy of the Declaration of Easements, exchangeCovenants, mortgageConditions and Restrictions, pledgeas recorded and amended; (3) a true and accurate copy of the Rules and Regulations as recorded and amended; (4) the minute book, leaseas maintained by the Trust, rent and otherwise dispose of any property, real or personal; (b) to convey or impose a conservation restriction upon, or otherwise dedicate such property with the benefit thereof running to a public body or other entity for conservation purposes; (c) to convey to the Town of Lancaster or other public body the fee or any lesser interest in any way for the purpose of making it a public wayextent such minutes are kept; and (d5) to discontinue any such way and convey financial records, including the fee thereof, provided the OWNERS following: (i) records of all lands abutting on receipts and expenditures, invoices and vouchers authorizing payments, receivables, and bank statements relating thereto; (ii) records regarding the way replacement reserve fund or any other funds of the Trust and bank statements relating thereto; (iii) audits, reviews, accounting statements, and financial reports relating to the finances of the Trust; (iv) contracts for work to be discontinued performed for or services to be provided to the Trust; and (v) all current insurance policies of the Trust, or policies which name the Trust as insured or obligee. Such records shall be kept in an up–to–date manner within the Commonwealth and shall be available for reasonable inspection by any Owner or by any mortgagee holding a recorded first assent theretomortgage on a Lot during regular business hours and at such other times as may be provided in the agreement between the manager or managing agent and the Trust. Access to said records shall include the right to photocopy said records at the expense of the person or entity making the request. The Trust shall designate a person or entity who shall oversee the maintenance and repair of the common areas of the Condominium. The Trust shall notify all Owners in writing of the name and phone number of the person or entity designated to oversee maintenance and repair of the common areas, and shall notify all Owners whenever there is a change in such person or entity. The Declarant, whether or not acting as Trustee, and any successor developer of the Condominium, shall not use any funds of the Trust to fund expenses relating to the initial construction, development, and marketing of the Condominium, to pay Declarant’s share of common expenses, or to pay any costs that are not directly related to the operation of the Trust.

Powers and Duties of Trustees. For Section 6.01. The Board shall carry out the purpose of this Agreement and Declaration of Trust, shall adopt an Alternative Dispute Resolution Plan to effectuate such purpose which complies with all applicable laws, shall adopt a Safety Program in accordance with the ADR ADDENDUM and the Alternative Dispute Resolution Plan, shall take such other actions are necessary or appropriate to comply with the Workers Compensation Laws of the State of California, and shall administer the Trust and the Plans created hereby. Included in the Board’s powers, relating to the above duties but not by way of limitation, shall be the power to: (a) Subject to Section 3.01 here, pay or provide for the payment of such benefits as may be provided for in the Plan; (b) Employ such persons as may be necessary to administer the Plan, including ombudsmen, mediators, arbitrators, case nurses, patient advocates, legal counsel, accountants, insurance consultants, administrators, actuaries, investment counselors and any other expert and/or clerical assistants as the Trustees in their discretion may deem necessary or appropriate, and to pay or cause to be paid compensation and expenses in connection therewith; (c) Determine the manner of payment of appropriate disbursements; (d) Pay all costs ancillary to the mediation and arbitration as set forth in the Collective Bargaining Agreement; (e) Amend, alter or otherwise change said Plan in any way not inconsistent with applicable laws or regulations of government agencies or the provisions of this Trust. Section 6.02. The Board of Trustees may select a California banking institution which is a member of a Federal Reserve Bank or which is subject to the supervision of the Superintendent of Banks or the Controller of Currency to act as Co-Trustee or Custodian (at the option of the Board of Trustees), and shall negotiate an agreement with such Co-Trustee or Custodian under the terms of which said Co-Trustee or Custodian shall receive, on behalf of the Trust, all Employer Contributions payable by Employers to this Trust. The Board of Trustees may, in its direction, omit to select or dispense with the services of a Co-Trustee or Custodian, or may alter or amend the powers of the Co-Trustee or Custodian. If the Board of Trustees omits to select or dispenses with the services of a Co-Trustee or Custodian, the duties and responsibilities otherwise performed or to be performed by the Co-Trustee or Custodian under this Agreement and Declaration of Trust shall be performed by the Board of Trustees. Section 6.03. The Board shall maintain proper books of account and records of its administration of the Trust. The Board shall also compile and make available to the individual Trustees, Employers and Unions, a record of arbitration and mediation proceedings and benefits provided hereunder. The Board may require individual Employers, Unions and Employees to furnish it with such payroll and employment information as may be necessary for the administration of this Trust. The Board shall have the power, acting through designated public accountants or certified public accountants, to examine such of the payroll and employment records of any Employer as may be necessary to determine whether such Employer is complying with this Agreement and Declaration of Trust. In such connection, each individual Employer shall permit such designated accountant to enter upon his premises during business hours, upon request, for the purpose of inspecting such records and making copies thereof. Section 6.04. The Board shall cause an annual audit to be made of the Fund by a certified public accountant and copies of such audit shall be furnished to the parties hereto, and a copy shall be available at the principal office of the Trust for inspection by interested persons. Section 6.05. The Board shall, at the expense of the Trust, procure fidelity bonds for the Trustees and, in its discretion, for such other agents, servants, and employees of the Board as may disburse or otherwise deal with assets of the Fund. Section 6.06. The Board shall, at the expense of the Trust, purchase and at all times maintain fiduciary liability insurance in amounts reasonably sufficient to protect the Fund from reasonably anticipated liability or loss occurring by reason of the act or omission of a fiduciary. Section 6.07. In addition to the powers enumerated elsewhere in this Agreement and Declaration of Trust, or granted by law, the Board of Trustees shall have the following powers: (a) To collect, receive, hold and disburse (through the Co-Trustee to the extent herein required) all sums of money which are payable to, or by the Trust. (b) To deposit any moneys received by the Trust in such bank or banks as the Board of Trustees may select. Withdrawals from said bank accounts shall be made or authorized only upon the signature of at least two Trustees, one of which shall be an Employer Trustee and the other a Union Trustee, or if so authorized by the Board of Trustees, upon the signature of the Co- Trustee, Administrator, or an officer of the Board of Trustees. (c) To pay out to the Fund such sums as may be necessary for the purpose stated in Article III herein, and such sums as may be necessary to administer the Trust, including all costs incurred in establishing the same. (d) To establish an administrative office, to lease, purchase or otherwise secure premises necessary for such purposes, to purchase, lease or otherwise acquire furniture, fixtures, equipment and supplies necessary or desirable for the maintenance of such offices and the administration of the Trust and the Plan. (e) To invest or reinvest such portions of the Fund as are not required for current expenditures or reserves in such manner as may be legal for the investment of trust funds under the laws of the State of California, as in effect from time to time, including without limitation, acquisitions of every kind of property, real, personal and mixed, and every kind of investment which men of prudence, discretion and intelligence acquire for their own account. (f) To maintain any and all actions or legal proceedings which may be deemed necessary for the protection of the Trust, the Fund, or the Board of Trustees, or to secure the payment of Employer Contributions to the Trust, or to effectuate the administration of the trust or the Plan, or to secure the benefits contemplated hereby, and in connection therewith to compromise, settle or release claims on behalf of or against the Trust and/or the Trustees. (g) To adopt rules and regulations for the administration of the Trust and the Plan, including rules and regulations to be followed by Employers in reporting contributions and any and all matters affecting the Trust and/or the Plan. (h) To delegate such of its powers and duties to the Co-Trustee, individual Trustees or committees of Trustees, or to such agents, attorneys or employees of the Board as may, in the opinion of the Board, be advisable. (i) To sell, exchange, lease, convey and otherwise dispose of any property at any time forming a part of the Fund, upon such terms as may be deemed proper, and to execute and deliver any and all instruments of conveyance and/or transfer in connection therewith. In its discretion to acquire, hold, transfer, convey or otherwise deal with property of all kinds under the fictitious name “Ironworkers Workers’ Compensation Trust ”, and to sign contracts, agreements, obligations and other writings and to transact the business of the Trust in such name. (j) To enter into any and all contracts and agreements for the purpose of carrying out the terms of this trustAgreement and Declaration of Trust, the TRUSTEES shall have the powers and duties necessary for the administration of trust property, including without limitation the following powers which may be exercised by them without any action or consent by the OWNERS Trust and which shall continue after the termination of the trust for the purpose of disposing of the trust property and until final disposition thereof: (a) to maintain, repair, improve, change or alter any property, real or personal, including building, repairing, tearing down and rebuilding structures or additions thereto; (b) to acquire by purchase, hire or otherwise, property convenient to the performance of their functions as TRUSTEES; (c) to adopt reasonable rules and regulations governing the enjoyment by the OWNERS of the trust property; (d) to convey permanent easements and lesser interests in, upon and over any ways for the installation, maintenance, repair and replacement of utilities and other services and rights incidental thereto; (e) to make contracts which the TRUSTEES deem convenient to the performance of their duties as TRUSTEES; (f) to borrow money; (g) to open bank accounts in the name of the trust or the TRUSTEES with power in any one of the TRUSTEES to draw on such accounts; (h) to procure insurance; (i) to pay, resist, compromise or submit to arbitration any claim or matter in dispute; (j) to determine and collect the common and special charges from the OWNERS and to pay such common and special charges;Plan. (k) To pay or provide for the payment of all real and personal property taxes, and other taxes or assessments of any and all kinds levied or assessed under existing or future laws upon or in respect to maintainthe trust, repair and replace or any money or property forming a part thereof, or the common sewage disposal systems serving those specific lots identified as being Lot 23, Lot 6, Lot 7, Lot 8, Lot 9, Lot 10, Lot 11, Lot 12, Lot 13 and Lot 14 and to ▇▇▇▇▇ any public health nuisance which, in the TRUSTEES' conclusive judgment, is caused thereby, or, upon notice and hearing by the Town of Lancaster Board of Health or other governmental body with jurisdiction which thereafter issues a valid order, to ▇▇▇▇▇ such nuisance;Plan. (l) To make determinations not inconsistent with this Agreement and Declaration of Trust or with the Plans adopted pursuant to maintainthis Agreement which shall be final and binding upon all parties as to the rights of any Employer or any Employee, repair his family or dependents, to benefits, and replace the cistern for fire suppression on Lot ; andamount thereof. (m) to exercise To purchase insurance for the Trustees collectively and/or individually, for the Fund or for any other powers which fiduciary, agent or advisor employed by or retained by the Trustees to cover liability or losses occurring by reason of the acts or omissions or breach of fiduciary responsibilities by the Trustees, other fiduciaries, agents or advisors. (n) To enter into contracts to carry out the terms of the Trust Agreement. (o) To hire, discharge, or retain and pay such employees or independent contractors as in their sole discretion they deem advisable to carry out the purposes of the Fund. (p) To delegate to an investment manager the power to invest and reinvest the assets of the Fund. (q) To coordinate the Fund’s administrative activities with the administrative activities of the boards of trustees of other plans or trusts established or to be established for employees to such extent as may be necessary or desirable to enhance effectiveness, minimize costs, or eliminate unnecessary bookkeeping and other expenses for carrying the Fund. (r) To perform any and all other acts not specifically enumerated, which is reasonably necessary or appropriate to carry out the terms of this Trust or which the TRUSTEES may have under any present or future statute or rule of law; and to execute and deliver all appropriate instruments in connection therewith. For the purpose of carrying out the terms of this Trust, the TRUSTEES with the consent of at least seventy-seven (77%) percent purposes of the OWNERS, shall also have the following powers which shall continue after the termination of this Trust for the purpose of disposing of the trust property and until final disposition thereof: (a) to sell, exchange, mortgage, pledge, lease, rent and otherwise dispose of any property, real or personal; (b) to convey or impose a conservation restriction upon, or otherwise dedicate such property with the benefit thereof running to a public body or other entity for conservation purposes; (c) to convey to the Town of Lancaster or other public body the fee or any lesser interest in any way for the purpose of making it a public way; and (d) to discontinue any such way and convey the fee thereof, provided the OWNERS of all lands abutting on the way to be discontinued first assent theretoTrust.