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A decree of the Congregation of the Council [12] declares that the vesting of the title to church property in a board of trustees is a preferable legal form, and that in constituting such boards in the United States, the best method is that in use in New York, by which the Ordinary, his vicar-general, the parish priest, and two laymen approved ...
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Often, a trust corporation or more than one trustee is appointed to allow for uninterrupted administration of the trust in the event of a trustee's resignation, death, bankruptcy or incapacity. Additionally a Protector may be appointed who, for example, is authorized to appoint new trustees and to review the trustees' annual accounts.
The choice of who is the trustee of the trust and the type of property subject to the trust will vary depending on the purpose of the employee trust. Many employee trusts are discretionary trusts, where the trustee has discretion to select which beneficiaries benefit, when and how. It is possible that beneficiaries have fixed or absolute ...
The TRS is governed by a 15-member Board of Trustees composed of 10 appointed members, four ex officio members, and one non-voting member. The Governor of Oklahoma appoints six members to the Board and the Speaker of the State House of Representatives and the President Pro Tempore of the State Senate each appoint two members to the Board.
Clayton Mordaunt Cracherode (1730–1799), trustee 1784–1799, a major collector of prints and books, who left his important collections to the museum. Charles Townley (1737–1805), trustee from 1791, his vast collection of Graeco-Roman marbles, bronzes and terracottas was acquired by the museum after his death, and a family trustee seat created.