WebTrustees / Body Corporate. Every owner automatically becomes a member of the Body Corporate when he/she takes transfer of a section in the scheme. The members in turn … WebThe owners in turn elect a board of trustees who will administer the affairs of the Body Corporate. WHO MAY BE A TRUSTEE AND HOW ARE TRUSTEES ELECTED. The number …
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WebThe trustee’s fiduciary duties include a duty of loyalty, a duty of prudence, and subsidiary duties. The duty of loyalty requires that the trustee administer the trust solely in the … little girl walking out of school black
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In the common course of their duties, corporate trustees will generally do all of the following: -Manage and administer the trust according to its terms and intent. This includes making distributions to beneficiaries, managing the trust’s investments, filing trust taxes, selling property or real estate as instructed, … See more While specific corporate trustee laws may vary a bit from state to state, in almost every state, a corporate trustee has the following fiduciary duties to the trust … See more Unfortunately, corporate trustees get sued all the time. Some common claims corporate trustees contend with are: -Mishandling or mismanagement of assets … See more Whatever the actual legal basis is for a corporate trustee lawsuit, the underlying reason for it is often that the beneficiaries, creditors, or co-trustees do not have a … See more Oftentimes, yes. Most trusts contain provisions authorizing the trustee to use trust funds to defend themselves and the trust in a potential lawsuit. These provisions … See more WebDuties of Trustees Section 3, 4 and 5 of the Act deals with the functions and powers of the Body Corporate and Section 7 explains that these functions and powers must be … Webword "trust" in our title, our duties and responsibilities as trustees include expectations of ethical behavior such as: duties of undivided loyalty to the foundation; avoidance of self … includes all variations