Section 12: Trust instrument provisions
98 words·~1 min read·
/ma/part-i/title-xxii/chapter-175f/12·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 12. The trust instrument may provide
(a)that there shall be a minimum period during which any participant must participate in the fund;
(b)that the fund may provide tail coverage to any participant which joins or withdraws from the fund;
(c)that all participants shall execute a participation agreement;
(d)that the trustee shall be free of all personal liability for his actions in good faith on behalf of the fund; and
(e)that the trustee may be either an individual or an institution such as a bank, an insurance company or any other appropriate entity.