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The Deed of Appointment of New Trustee is a legal document that is entered into between three parties: the Principal Employer, the Continuing Trustee, and the New Trustee. This document serves as a supplement to the Definitive Trust Deed and Rules, which governs a scheme known as [Scheme Name]. The purpose of this appointment deed is to appoint the New Trustee as a trustee of the scheme, to act jointly with the Continuing Trustee.
The document begins with an introduction, stating the names and principal places of business of the three parties involved. It also mentions that this appointment deed is supplemental to the Definitive Trust Deed and Rules and all the deeds listed in Schedule 1.
The 'Whereas' section provides background information, including the fact that the Principal Employer is the current principal employer in the scheme, and the Continuing Trustee is the present trustee of the scheme. It also mentions that the Principal Employer has the power to appoint new trustees, subject to the prior consent of the Continuing Trustees (or without consent, depending on the value of the variable 'consent'). The Principal Employer desires to appoint the New Trustee as a trustee of the scheme.
The main body of the document consists of three clauses:
1. Clause 1 states that the Principal Employer appoints the New Trustee as a trustee of the scheme, and the New Trustee and the Continuing Trustee accept such appointment. It also mentions that the scheme assets vest in the Continuing Trustees jointly with the New Trustee.
2. Clause 2 states that the appointment deed may be executed in any number of counterparts and by the parties on separate counterparts, which together constitute one instrument.
3. Clause 3 states that the appointment deed is governed by and to be construed in accordance with the laws of the applicable jurisdiction.
The document concludes with the signatures of the duly authorized representatives of the parties and a schedule listing the deeds.
In summary, the Deed of Appointment of New Trustee is a legally binding document that appoints a New Trustee to act jointly with the Continuing Trustee in a scheme. It outlines the powers and responsibilities of the parties involved and is governed by the laws of the applicable jurisdiction.
1. Review the document: Familiarize yourself with the Deed of Appointment of New Trustee and understand its purpose and significance.
2. Identify the parties: Determine the names and principal places of business of the Principal Employer, the Continuing Trustee, and the New Trustee.
3. Understand the background: Read the 'Whereas' section to understand the context and background of the document, including the Principal Employer's role, the Continuing Trustee's role, and the power to appoint new trustees.
4. Review the clauses: Study each clause of the document to understand the specific actions and agreements outlined, such as the appointment of the New Trustee and the vesting of scheme assets.
5. Consider execution options: Note that the appointment deed can be executed in multiple counterparts, and each counterpart is considered an original.
6. Determine governing laws: Be aware that the appointment deed is governed by the laws of the applicable jurisdiction.
7. Obtain authorized signatures: Ensure that the document is signed by the duly authorized representatives of the parties involved.
8. Review the schedule: Examine the schedule listing the deeds that are supplemental to the appointment deed.
9. Seek legal advice if necessary: If you have any doubts or questions regarding the document or its implications, consult with a legal professional.
10. Retain a copy: Keep a copy of the executed appointment deed for your records and future reference.