Investment Clubs Manual030 - THIS DEED WITNESSES AS FOLLOWS...

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Unformatted text preview: THIS DEED WITNESSES AS FOLLOWS: 1 The trustees hereby declare that they will hold all investments and property of whatsoever kind which are now or may hereinafter be transferred to or vested In them or placed under their control as trustees upon trust for the members of the club and that they will obey the lawfully written directions of the club with regard to the custody control handling and realising of the said investments and property (subject only to their obligation under the trust hereby declared) and the provisions of the constitution of the rules of the club in so far as applicable to their duties as trustees and to the trusts hereof. 2. The trustees shall be entitled to assume that any document purporting to be signed by such officers ofthe club as under the rules are authorised in that behalf is In fact a lawful written direction of the club. 3. In the exercise of the trusts and powers hereof, no trustee shall be liable for any loss arising from the negligence or fraud of any agent employed by the trustees or any other trustee hereof although the employment of such agents was not strictly necessary or expedient or by reason of any mistake or omission made in good faith by any trustee hereof or by reason of any matter or thing except willful fraud or wrongdoing on the part of the trustee who it is sought to make liable and the trustees shall be entitled to look to the members of the club for an indemnity against all costs, damages and expenses incurred by the trustees as a result of any of the causes mentioned in this clause and for all loans and interest costs and expenses properly incurred by them In the execution of these trusts. 4. The trustees may when directed by the club in the manner aforesaid whether by charge on the aforesaid investments or property or by deposit thereof raise monies and pay or apply the same as If investments or property of the club 5. The trustees hereby declare that they will not be bound by any alteration in the aforesaid rules unless they and each of them shall have had notice in writing from the secretary of the club. October 2008 ProShare investment Club THE MANUAL ...
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