Who will act as the Trust Protector for the Karatcoin Project?
Meeting on Friday 20, July 2018, at the Deloitte Headquarters in Turin in the Galleria San Federico to discuss the establishment of the Karatcoin Trust.
Representing the Deloitte Group at the meeting were Dr. Alberto Gallarati, Professor of Law at the University of Turin, Dr. Gioacchino Amato in VC from Deloitte Rome, as well as the two founders of Karatcoin, Simone Orso and Dr. Claudia Busato, along with Dr. Glauco Verdoia, our Lead Financial Advisor.
Various topics were discussed concerning Karatcoin Project, especially in anticipation of the next step in our project development, which will be a professional agreement between the 2 entities.
The main topic discussed was the establishment of the Karatcoin Trust, for which a more protective strategy has been developed to give greater security to the project. Below we describe the necessary steps:
· Establishment of the Trust
· Integration of a third party entity with the title of Protector
Karatcoin Trust Protector:
The Trust Protector is not a Trustee, but a person who has some control over how a Trustee exercises his powers. The Trust Protector is an individual, committee, or corporate entity appointed to represent the interests of the Settlor in the administration and management of the Trust. The original Trust Protector is generally selected by the Settlor and appointed pursuant to the terms of the Trust Deed or a specific Deed of Appointment. A Settlor will typically appoint a trusted professional advisor, relative, or friend.
The Karatcoin Trust Protector will be an institutional entity that will enter the Presale and support the Karatcoin Project to guarantee sustainability and continued profitability. This subject must have a very high and unquestioned professional reputation, with a proven ability in both asset management as well as the ability to attract large investors in order to grow the Karatcoin Project.
More about the Trust Protector
The Role Of A Protector
The role of the Protector and the extent of the powers granted to him shall depend on the wishes of the Settlor and should be carefully detailed in the organizational mandate appointing him. Care should be taken to ensure that the powers conferred are not so broad as to render the Protector a ‘de facto’ Trustee. Although the Protector fulfills a supervisory role, he must not be seen as usurping the authority of the Trustees.
The Powers Of A Protector
The powers conferred upon a Protector may vary from trust to trust and may include some of the following powers;
- To appoint, remove or replace the Trustees;
- To approve or disapprove Amendments or Modifications to the Trust Deed;
- To approve or disapprove the addition or removal of Beneficiaries;
- To approve or disapprove the appointment of Advisors to or Agents of the Trust;
- To approve or disapprove distributions to the Beneficiaries;
- To change the situs or governing law of the Trust;
- To name a successor Protector;
- To terminate or resettle the Trust; and
- To resolve disputes arising between Co-Trustees or between the Trustee and the Beneficiaries.
As mentioned above, care should be taken when considering which of the above powers are to be granted to the Protector. The powers conferred should not be so broad as to give rise to a perception that the Protector is usurping the role of a Trustee.
The Rights Of A Protector
In order to exercise the conferred powers in an effective manner, certain ancillary rights should be granted to the Protector. These could include the right;
- The right to receive periodic reports from the Trustees;
- The right to have access to the Trust Accounts;
- The right to nominate or appoint Independent Advisors to the Trust;
- The right to petition the Court for instructions where appropriate; and
- The right to receive reasonable remuneration.
Trust Protectors are becoming increasingly common and serve an important function in enforcing the terms of the Trust, safeguarding the Trust against Trustee abuse, as well as ensuring compliance with the original intentions of the Settlor.
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