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The company now known as CT Corporation has been in the registered agent business since its founding in New Jersey in 1892 [2] with 44 employees. The original charter of the company was handwritten and stated that its purpose was "to carry on a general agency business, especially the acting as an agent of and trustee for corporations".
By special resolution, the creditors of the estate may appoint or substitute another licensed trustee to assume the role. [124] A trustee is not bound to accept an appointment, but, once appointed, he must perform all duties that are legally required until his discharge or removal. [ 125 ]
In nations with codetermination (such as Germany and Sweden), the workers of a corporation elect a set fraction of the board's members. The board of directors appoints the chief executive officer of the corporation and sets out the overall strategic direction. In corporations with dispersed ownership, the identification and nomination of ...
A trust company is a corporation that acts as a fiduciary, trustee or agent of trusts and agencies. A professional trust company may be independently owned or owned by, for example, a bank or a law firm, and which specializes in being a trustee of various kinds of trusts.
Others, such as corporate directors, may be held to a fiduciary duty similar in some respects to that of a trustee. This happens when, for example, the directors of a bank are trustees for the depositors, the directors of a corporation are trustees for the stockholders or a guardian is trustee of their ward's property.
Occupation: Substitute teacher and former Los Angeles Unified School District teacher for more than 40 years. ... Experience: I am a trustee emeritus who served on the board from 2001 to 2017. As ...
The U.S. Trustee's office conducts the first meeting of creditors in a Chapter 11 case. Most Chapter 11's do not require the appointment of a trustee: however, in those cases which do, the U.S. Trustee oversees the appointed trustee's handling of the case and, for good cause, can seek the removal or replacement of the trustee.
NEW YORK (Reuters) -Gemini Trust Company agreed to pay a civil penalty of $5 million to settle U.S. Commodity Futures Trading Commission charges in connection with statements it made in connection ...