The Chamber of Deputies approved last Tuesday the trust agreement for the Punta Catalina Thermoelectric Power Plant (CTPC) sent by the Executive Branch.
It is a public trust made up of two institutions of the Dominican State: Fiduciaria Banreservas and the Dominican Corporation of State Electric Companies (CDEEE).
According to the motivation letter sent by the President of the Republic, Luis Abinader, to Congress, the purpose of the CTPC trust is to create an independent management structure for the administration of the trust assets in order to “ensure the operation of the Punta Catalina Thermoelectric Plant”.
What the contract states
According to what is established in the contract, the trustee, acting on behalf and order of the trust, authorizes unlimited access to the CTPC facilities by the trustor, its employees, contractors, service providers, Technical Committee and Management Unit with the purpose that they carry out the necessary tasks for the correct operation of the plant.
Likewise, the use of personal property, vehicles, machinery, inventories, among others, is authorized so that they are used to achieve the purpose and purposes of the trust.
Explain that the foregoing is with the understanding that the trustor will make use of the assets and goods that make up the Trust Patrimony as a good businessman, always preserving their integrity and without affecting them.
For this reason, the trustor, the Technical Committee, the Management Unit and the Operator will be responsible the trustee for any damages that, due to their negligence, intent, lack of care or recklessness that are caused to them, provided that the actions causing the damage are within the scope of their responsibility or those of their collaborators, contractors, service providers, and others.
Clause 5.4 states that the trust estate it is autonomous and independent, separated from the personal assets of the trustor, the contributing trustor, the trustee, and other trusts that the trustor may constitute.
Obligations and powers of the fiduciary
The seventh clause refers to compliance with the object and purposes of the CTPC trust, where the trustee will have the following obligations and responsibilities:
– Receive and conserve in fiduciary property the assets and rights transferred to the trust estate, entering them into the autonomous and independent estate of the escrow, duly registering the goods and rights that by their nature require this formality, and keeping them separate from the goods owned by the trustor and those of the trustee, as well as those that are part of other trusts that the trustor may constitute, or that the trustee is in charge of.
– Manage the funds of the trust estate as a good businessman, always acting in accordance with the instructions issued by the Technical Committee.
– Custody and manage the trust assets for the benefit of the Dominican State, as trustor and trustee, and in compliance with the object and purposes of the CTPC trust, always acting subject to the instructions issued by the Technical Committee.
– Comply in a timely and diligent manner with the acts under his responsibility aimed at achieving the object and purposes of the trust.
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