(A) The plan-trustee shall discharge his, her or its limited duties under this plan-trust declaration with the diligence under the circumstances then prevailing that a prudent person acting as a ministerial trustee of a trust for which the trustee had no duties other than to maintain record title of the trust property would use in the conduct of a like trust with a like aim to the purpose stated by § 36.002.
(B) The plan-trustee’s duties under this plan-trust declaration are solely ministerial. Without limiting the comprehensive effect of the above, all parties understand that the plan-trustee has no duty, express or implied, to review any investment or any investment, banking, securities or insurance transaction, and, therefore, shall have no liability for any failure to review any transaction.
(C) Further, notwithstanding any ministerial duties of the plan-trustee provided under this plan-trust declaration or any duties required or rights permitted under applicable investment law, the plan-trustee shall not have any knowledge of any investment or of any transaction. Therefore, if “knowledge” of the plan-trustee is or may be a prerequisite to imposing a duty upon or an element in determining any liability of the plan-trustee at law or in equity, the fact that the plan-trustee has possession of (or had or has a legal or equitable right to possess or obtain) any record of any investment or any transaction shall not constitute “knowledge” of the plan-trustee.
(D) If, for any reason, a court finds this provision void or legally unenforceable, the plan-trustee may resign on one business days’ written notice to the employer. Also, any indemnification rights shall apply on the basis that it was reasonable for any person to assume that this section is legally enforceable until the supreme court or the highest court of the state or jurisdiction expressly orders otherwise.
(Ord. NIRC 97-1, passed 1-15-1997)