Trustees

“ A trustee of a charity will often see considerations which the workers in it do not behold, and will be able frequently to judge of its operations from a more comprehensive point of view. The great duty of trustees, of course, should be to rigidly inspect all accounts and to be responsible for the pecuniary integrity of the enterprise. The carrying-out of the especial plan of the association and all the details should be left with one executive officer. ”

“ Even in the absence of any control by the beneficiaries, where the trustees are not restricted to the mere collection of funds and their payment to the beneficiaries, but are associated together with similar or greater powers than the directors in a corporation for the purpose of carrying on some business enterprise, the trust is an association within the meaning of the statute.' T.D. 3748, IV-2 Cumulative Bulletin 7. ”

“ Who may be a Trustee or Ccstui que Trust.—The modern trust is considerably more extensive in its operation than the ancient use. Thus the crown and corporations aggregate can be trustees, and personalty can be held in trust. Provision is made by the Municipal Corporations Act, 1882, for the administration of charitable and special trusts by municipal corporations. The crown does not appear to be a trustee to as complete a degree as a subject may be. ”

“ I find myself able to select the Trustees I need without the help of others. I gave them my property to take care of because I wanted it protected and myself relieved of the burden of doing this. They have agreed with me to take care of my property and I consider this agreement a great benefit to me already. ”

“ After appointing the three trustees, he adds: 'I do give authority and power to nominate their successors to said trust, which is to be done in the manner following: That immediately after my decease they . . . shall appoint some meet persons, . . . as the occasion may require, into said trust or office, so be it that at no time more than three persons shall act in said trust or office ”

“ They are, undoubtedly, said in many authorities to be trustees, but that, as I apprehend, is only in a general sense, as we term an agent or any other bailee intrusted with the care and management of the property of another. It is certain that they are not technical trustees. They can only be regarded as mandataries, persons who have gratuitously undertaken to perform certain duties, and who are therefore bound to apply ordinary skill and diligence, but no more. * * * We are dealing now with their responsibility to stockholders, not to outside parties,-creditors and depositors. ”

“ XI Before we enter upon the further proceedings of the Trustees, let us inform ourselves upon the men, in their personal or public characters, who now took upon themselves this Trust, and who laid upon strong foundations an edifice of learning whose history their well matured plans make it worth our while to pursue through these its earliest years. ”

“ That nothing herein contained shall be so construed as to incapacitate the president and directors of said bank in being at the time of said election, from receiving at that election the appointment of trustee or trustees, and taking to him or them the deed of trust aforesaid, which may provide, if three trustees be selected, that any one or two may act in the case of the death or removal from the trust of the others. ”

“ If the individual is satisfied with the trustees, and sees nothing to object to in the proposed system of management, and if the prospect of increased profits is sufficiently great to make him willing to part with his inalienable right of doing what he will with his own, such a trust may justify itself to his judgment. ”

“ What are the regulations concerning the Trustees?
Ans. 1. No person shall be eligible as a Trustee of any of our parsonages or churches who is not a member of our Church, and at least twenty-one years of age.
2. All vacancies in the Board of Trustees, occasioned by death, resignation, {111} or otherwise, shall be filled without delay.
3. Let nine Trustees be appointed for holding Church property, when proper persons can be procured, otherwise, seven, five, or three, who shall elect their own chairman, secretary, and treasurer. ”

“ The trustees shall have power to fill all vacancies occurring in the board by death, resignation, or otherwise; to adopt by-laws for their own government, and prescribe the duties of its officers and members, and they shall be empowered to receive by donation, bequest, purchase, or otherwise, and to hold and use properties, real and personal, to the amount of one hundred thousand dollars. ”

“ Whether the trustees are named in the trust instrument with power to select successors, so as to constitute a self-perpetuating body, or are selected by, or with the advice of, those beneficially interested in the undertaking, centralization of management analogous to that of corporate activities may be achieved. ”

“ Where private trust estates become the cause of disputes and quarrels, between trustees and beneficiaries, the parties thereto may relieve themselves by handing over their burden to the public office. ”

“ The trustees are the administrative agents of the commonwealth in this enterprise, and we may assume, as the Circuit Court of Appeals has held, that the trustees come within the general category of 'public officers' by virtue of their appointment by the Governor, with the advice and consent of the council, and their tenure and duties fixed by law. ”

“ The act here required of the trustees is not a mere ministerial one. It requires them to ascertain and decide what was required of the company by the notice, with the meaning of its terms, and, when they have construed these, to ascertain, as a matter of fact, whether they have been complied with. ”

“ In fact, respondent argues, the trust instrument means that the trustees must apply an amount of the income sufficient to provide for education, comfort and support, even though the minor is amply cared for by his parents, his own efforts, or other sources of revenue, citing 1 Scott, Trusts, § 128.4 and other authorities. ”

“ The Board or Boards of Trustees of every circuit, station, or mission, shall be members of, and responsible to, the Quarterly Conference of the same, which shall have power to dismiss any of them from office; and shall be required to present a report of their acts, at least once a year, to the Quarterly Conference.
5. No person who is a Trustee shall be ejected while he is in joint security for money, unless such relief be given him as is demanded, or the creditor will accept. ”

“ While courts of law generally treat the directors as agents, courts of equity treat them as trustees, and hold them to a strict account for any breach of the trust relation. For all practical purposes they are trustees, when called upon in equity to account for their official conduct. ”

“ The only escape, therefore, was to bring all such persons and corporations in the same trade together in one corporation, and this is precisely what we now term a trust. Before 1890, in other words, a trust was really an agreement, a combination of individuals or corporations usually resting upon an actual deed of trust under which the constituent parties surrendered their property or the control of their property to a central board of trustees ”

“ And be it further enacted, That the trustees shall keep, or cause to be kept, in suitable books for the purpose, just and proper entries of all the proceedings and accounts of said congregation and corporation, and have them laid before the members, at every annual meeting, previous to taking the votes, and shall always deliver the said books, together with all the property of said congregation and corporation, in good order to their successors in office, whenever required. ”

“ The views of the trustees were at first wisely directed to the communication of that elementary knowledge, which is most essential to the citizens of a rising community, and the acquisition of which is a necessary step towards the attainment of the higher branches. ”

“ A trust, therefore, will survive when in no way beneficial to the trustee.
We have said the trustees were invested with the legal estate for the purpose of enabling them to perform the various trusts devolved, such as managing the estate, investing and reinvesting the funds belonging to it, paying over the income to the children during their lives, converting the real estate into personal, and, among others, the selection and appointment of the committee of gentlemen who were to designate the donees of the charity. ”

“ Paragraph 23 A trustee is a person who has agreed to hold or manage property for someone else's benefit, and anything to do with trusts is within the equity court's jurisdiction. The idea of a corporation is that its directors are trustees for its stockholders, managing the money they paid for their shares for their benefit, so any litigation over corporate affairs is a chancery case. ”

“ And Secondly, the Absurdity of the very Supposition, even in the Case of a Trust conferr'd by the People. If the King breaks his Trust, the People Resume it: but who are These People? If a Representative, they are but Trustees Themselves, and may incur a Forfeiture too, by the same Argument. ”

“ The Treasurer or Custodian of any money or negotiable instruments belonging to any School, College or University operated or maintained by the General Conference or Annual Conference or Conferences shall be required by the Trustees thereof to give adequate bond for the faithful performance of his duties as such and for the proper accounting for and deliverance or payment to the persons authorized to be paid by said Trustees of all such money or negotiable instruments so held. ”

“ Carefully drawn trusts generally contain a power for the trustee to sell if the purpose of the trust is to produce an income-bearing fund for a long period of years. For that purpose a change of investment is frequently desirable, and therefore trustees are expressly given that power. ”

“ If the incumbent of this office is fairly willing and capable, is he not suffered to do pretty much as he pleases, except it may be with regard to such large measures as the construction of buildings and the management of investments?
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Proportioned to the authority of trustees, however, is their responsibility. To whom much is given, of them much is required. And the position of the better sort of trustee valuable to the best work of the librarian, is not that sinecure seat sometimes depicted. ”

“ Beattie.—The uncle has no legal authority at all, unless a guardian or trustee, save that a near relative and an older man may have. The duties of trustees are to see all the accounts of the trust, know all the investments, and never to sign any papers they do not fully understand. ”

“ And should it be the pleasure of the said stockholders, signified as aforesaid, to make the said change in the direction and management of the said bank, the trustee or trustees shall be elected in the same manner as is prescribed by the charter of said corporation for the election of directors.And the president shall select a commissioner to convey to the trustee or trustees all the property, &c. ”

“ One of the Trustees of the Association, a gentleman to whose good judgment and constant oversight, as well as to his sympathetic kindness tor the occupants of the houses and interest in their affairs, much of the success of this experiment is due, says, in a letter from which we are permitted to quote,—"From my experience in the management of this kind of property, I believe that it may in all cases with proper care be made safe and permanent for investment. ”

“ It is provided that additional trustees may be appointed notwithstanding that there is no vacancy in the office of trustee, and there is provision that a trustee or administrative trustee may resign at any time. ”

“ Changes of apparent ownership have been entered in the civil records; but these in their turn will be changed. The procession of trustees moves down through the millenniums; above the trusteeships is one changeless Owner. ”

“ Effect on the Trustees.—On one hand, the growth of financial interests has made compulsory the appointment of successful business men to the boards, while the urgency for additional funds has led to selection of men very prominent in all callings—extremely busy men. On the other hand, the extraordinary growth, internally, of the colleges and universities has made no longer possible for the trustee that familiar acquaintance with professors and with the departmental needs which he ought to have. ”

“ I. All persons who shall subscribe 2l. 2s. or more per annum, are trustees of this charity: but any trustee or subscriber neglecting to pay his subscription for the space of two years, is no longer deemed a trustee or subscriber, or to have any vote or privilege till his arrears are paid.
II. Every person giving a benefaction of 30l. or upwards, immediately becomes a trustee.
III. Every person who, by will, bequeaths a legacy of 50l. or upwards, may nominate another person, who, immediately after payment of the said legacy, is deemed a trustee. ”

“ The two other trustees have run away to the Continent, feeling, as they say, the utmost confidence in him, but in reality shirking their responsibilities. However, I believe he likes it, so I ought not to grumble. ”

“ The trustees, therefore, submit, whether in order to encourage native genius in humble circumstances, some means might not be devised of maintaining all the 10 children whom the statute authorizes the trustee to select for gratuitous instruction.—Rev. ”

“ In agency the property is vested solely in the person on whose behalf the agent acts, but in trusteeship it is vested in the trustee himself, no less than in the beneficiary. A trustee is an agent for the administration of property, who is at the same time the nominal owner of the property so administered by him.
A trust is created by any act or event which separates the trust-ownership of any property from the beneficial ownership of it, and vests them in different persons. ”