Common use of Statement of Purpose; Duties and Powers of the Trust Clause in Contracts

Statement of Purpose; Duties and Powers of the Trust. (a) The Trust is a passive investment vehicle that is not actively managed. The sole purpose of the Trust is to hold Canadian Dollars on behalf of the Registered Owners. The Trust shall have no directors or persons acting in similar capacity and no officers or employees, and shall act only through the Trustee and the Sponsor. (b) The Trust shall have the power to receive and hold deposits of Canadian Dollars, issue Baskets representing those deposits, distribute Canadian Dollars upon surrenders of Baskets, and perform acts incidental to the foregoing as provided in this Agreement, but the Trust shall not have the power to engage in any other business activities.