Action upon Termination of Custodian Contract. The contract of employment of the Custodian may be terminated by either party on 60 days' written notice to the other party. Upon termination of the Custodian contract, resignation of the Custodian, or inability of the Custodian to continue to serve, the Board of Trustees shall use its best efforts to obtain a successor custodian. If a successor custodian is found, the Trust shall require the retiring Custodian to deliver the cash and securities owned by the Trust directly to the successor custodian. In the event that no successor custodian which has the required qualifications and is willing to serve can be found, the Board of Trustees shall call a special meeting of the shareholders to submit to the shareholders, before delivery of the cash and securities owned by the Trust to other than a successor custodian, the question of whether the Trust shall function without a custodian or shall be liquidated.
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Samples: Agreement (Stein Roe Floating Rate Income Fund), Agreement (Stein Roe Institutional Trust), Agreement (Stein Roe Trust)
Action upon Termination of Custodian
Contract. The contract of employment of the Custodian may be terminated by either party on 60 days' written notice to the other party. Upon termination of the Custodian contract, resignation of the Custodian, or inability of the Custodian to continue to serve, the Board of Trustees Managers shall use its best efforts to obtain a successor custodian. If a successor custodian is found, the Trust Company shall require the retiring Custodian to deliver the cash and securities owned by the Trust Company directly to the successor custodian. In the event that no successor custodian which has the required qualifications and is willing to serve can be found, the Board of Trustees Managers shall call a special meeting of the shareholders to submit to the shareholders, before delivery of the cash and securities owned by the Trust Company to other than a successor custodian, the question of whether the Trust Company shall function without a custodian or shall be liquidated.
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