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What is the relationship of the Trustees to the assets of the Trust. Specifically, if the Trustees own the property, can they exercise the rights of ownership? What prevents them from doing so?

The Trust, not the Trustees, has legal and equitable title to all Trust assets. The Trustees are the fiduciary agents of the Trust. They can do the same thing with Trust assets that the Managing Director can do, i.e., they can manage the assets in the name of and to the advantage of the Trust but cannot exercise rights of ownership since the Trust, not the Trustees, owns the assets. Also, the contract with the Managing Director(s) can only be broken by the Managing Director(s) violating the terms of the Trust Indenture. And, since the Managing Director(s) control the minutes, this would be very difficult to prove.