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In some others, the trustee is a single officer separate from the board; the Indiana township trustees are examples of this form. [1] The term "town trustee" has also been used for members of the governing board of the Sheffield Town Trust since at least the 16th century, though that institution has been organized as a charity since the 19th ...
Duties of the board include adopting the annual budget, serving as a board of finance and approving township contracts. In January of each year, the trustee presents to the board an annual report showing the receipts, expenditures, investments and debts of the township. The approved report is then published in local papers for public inspection.
Representatives of that employer will then usually form the majority of the trustee board which is responsible for governing the trust. By contrast, a master trust is typically set up by a provider, often an insurance company. There is one legal trust and one trustee board, but a number of non-associated employers can participate in the scheme.
Trustees [2] have certain duties (some of which are fiduciary). These include the duty to: Carry out the expressed terms of the trust instrument. [3] Trustees are bound to act in accordance with the terms of the trusts upon which the trustee holds trust property, and commit a breach of trust by departing from the terms of the trust. [4]
The trustee may be either a person or a legal entity such as a company, but typically the trust itself is not a legal entity and any litigation involving the trust must include the trustee as a party. [21] A trustee has many rights and responsibilities which vary based on the jurisdiction and trust instrument.
A board of directors is an executive committee that supervises the activities of a business, a nonprofit organization, or a government agency. The powers, duties, and responsibilities of a board of directors are determined by government regulations (including the jurisdiction's corporate law) and the organization's own constitution and by-laws ...
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The management of a pension trust must be partly codetermined by the pension beneficiaries, so that a minimum of one third of a trustee board are elected or "member nominated trustees". [122] The Secretary of State has the power by regulation, as yet unused, to increase the minimum up to one half. [123]