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Although in the strictest sense of the term a trustee is the holder of property on behalf of a beneficiary, [1] the more expansive sense encompasses persons who serve, for example, on the board of trustees of an institution that operates for a charity, for the benefit of the general public, or a person in the local government.
The trustee model of representation is a model of a representative democracy, frequently contrasted with the delegate model of representation. [1] In this model, constituents elect their representatives as ' trustees ' for their constituency .
The trustee must also keep adequate records of the administration of the trust generally. [66] All trust property must stay separate from the trustee's own personal property and must not be "commingled." [67] A trustee can hold certain securities, usually publicly traded ones, in a "street name" or nominee registration for ease of management. [68]
The trustee, on the other hand, is the individual or entity responsible for managing the trust according to the grantor’s instructions. This role involves a fiduciary duty, ...
The public trustee is an office established pursuant to national (and, if applicable, state or territory) statute, to act as a trustee, usually when a sum is required to be deposited as security by legislation, if courts remove another trustee, or for estates if either no executor is named by will or the testator elects to name the public trustee.
A trustee has a duty to know, understand, and abide by the terms of the trust and relevant law. The trustee may be compensated and have expenses reimbursed, but otherwise turn over all profits from the trust and neither endebt nor riskily speculate on the assets without the written, clear permission of all adult beneficiaries.
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.
The merit system is the process of promoting and hiring government employees based on their ability to perform a job. A common conception of the federal government's merit system principles is that they are designed to ensure fair and open recruitment and competition and employment practices free of political influence or other non-merit factors.