A stewardship trust may be created under this section for a business purpose without a definite or definitely ascertainable beneficiary. The business purpose may seek economic and noneconomic benefits.
A stewardship trust may hold an ownership interest of any corporation, partnership, limited partnership, cooperative, limited liability company, limited liability partnership or joint venture.
A stewardship trust may be enforced by one or more trust enforcers appointed in the terms of the trust, and the terms of the trust may provide a process for appointing successor trust enforcers. If at any time no person is acting as trust enforcer, the court shall name one or more trust enforcers. Each trust enforcer shall enforce the purpose and the terms of the trust and shall exercise authority as a fiduciary. If more than one person is acting as a trust enforcer, action may be taken by a majority of the persons acting as trust enforcers. A trust enforcer is not a beneficiary of a trust created pursuant to this section, but a trust enforcer has the rights of a qualified beneficiary.
A stewardship trust must have a trust stewardship committee with at least three persons as members. Each member of the trust stewardship committee shall exercise authority as a fiduciary. The terms of the trust may appoint the initial members of the trust stewardship committee and may provide a process for appointing successor members. A vacancy on the trust stewardship committee must be filled if the trust stewardship committee has fewer than three members.
A vacancy on the trust stewardship committee that is required to be filled must be filled in the following order of priority:
By a person designated in the terms of the trust or selected through a process provided in the terms of the trust;
By a person appointed by unanimous agreement of the trust enforcers; or
By a person appointed by the court.
Unless the terms of the trust provide otherwise and except as provided in subsections (7)(d) and (11) of this section, the trust stewardship committee may take action by a majority vote of its members.
Unless the terms of the trust provide otherwise, the trust stewardship committee has the power, in carrying out the purposes of the trust and after notice to the trust enforcers, to:
Remove a trustee, with or without cause;
Appoint one or more successor trustees or cotrustees;
Remove a trust enforcer, with or without cause;
Remove a member of the stewardship committee, by unanimous vote of all other members of the trust stewardship committee;
Direct distributions from the trust; and
Exercise all rights belonging to the trustee, including the right to vote stock owned by the trust.
Unless the trust agreement provides otherwise, a member of the trust stewardship committee or a trust enforcer may resign:
After at least 30 days’ notice to the trustee, all trust enforcers and all members of the trust stewardship committee; or
At any time with the approval of a court.
The trust stewardship committee must send a report to the trustee and to the trust enforcers at least annually showing receipts and disbursements and listing trust property and liabilities. The trust stewardship committee shall keep the trustee and the trust enforcers reasonably informed about the administration of the trust and of the material facts necessary for the trustee to comply with the trustee’s duties under ORS 130.710 (UTC 813) and for the trust enforcers to protect the purposes of the trust.
A trustee of a stewardship trust shall act in accordance with a direction from the trust stewardship committee unless the action is manifestly contrary to the terms of the trust or the trustee knows that the action would constitute a serious breach of a fiduciary duty that the trust stewardship committee, the trust enforcer or the trustee owes to the trust. A trustee is liable only for willful misconduct and is not liable for reliance on documents provided by the trust stewardship committee or the trust enforcer.
Unless the terms of the trust provide otherwise, the trust stewardship committee and the trust enforcers, acting together, may modify or terminate a stewardship trust by unanimous agreement of the members of the trust stewardship committee and unanimous agreement of the trust enforcers.
Upon termination of a stewardship trust, the trustee shall distribute all remaining trust property as the terms of the trust provide, or if the terms of the trust do not provide for complete distribution of the property, as a court determines to be consistent with the purposes for which the trust was created.
A person serving as a trustee may not serve as a trust enforcer or as a member of the trust stewardship committee, and a person serving as a trust enforcer may not serve as a member of the trust stewardship committee.
A stewardship trust may be enforced for more than 90 years if the terms of the trust provide that the trust will be enforceable for a specific period not less than 90 years or in perpetuity.