Alternate Trustees Clause Samples
The Alternate Trustees clause establishes the process for appointing substitute trustees who can act in place of the original trustee if they are unable or unwilling to perform their duties. Typically, this clause outlines the conditions under which an alternate trustee may step in, such as incapacity, resignation, or absence of the primary trustee, and may specify how alternates are selected or approved. Its core practical function is to ensure the continuous and effective administration of the trust by providing a clear mechanism for trustee replacement, thereby preventing disruptions in trust management.
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Alternate Trustees. Upon the initial Trustee’s death, incompetence, resignation or other inability to act during any time while this Trust Agreement shall remain in force, then the Settlor nominates and appoints Settlor’s spouse, ^, and ^, of the Town of ^, County of ^ and State of ^, as Successor Co-Trustees of this Trust Agreement. Upon the subsequent resignation, death or incompetence or other inability of either of the aforesaid Trustees to act as Co-Trustee, then the Settlor nominates and appoints ^ of the Town of ^, County of ^ and State of ^, as Successor Co-Trustee of this Trust Agreement to act jointly with the remaining Trustee. Upon the subsequent resignation, death or incompetence or other inability of a Co-Trustee hereof, then the Settlor nominates and appoints ^ of the Town of ^, County of ^ and State of ^, as Successor Co-Trustee of this Trust Agreement to act jointly with the remaining Trustee. Upon the subsequent resignation, death or incompetence or other inability to act of either of the then Trustees, then the remaining Successor Co-Trustee therein acting shall serve alone as Trustee of this Trust Agreement; provided however, if the remaining Successor Co-Trustee is the Settlor’s spouse, ^, she shall not serve alone as Trustee, but shall serve with the ^ or any Successor Corporate Trustee serving hereunder. Upon the subsequent resignation, death or incompetence or other inability of the remaining Trustee to act as Successor Trustee, then the Settlor nominates and appoints the ^, or its successor, having a place of business in ^, Connecticut, as Successor Trustee of this Trust Agreement. Upon the removal, resignation or other inability of ^, or its successor, to act as Trustee, a Successor Corporate Trustee shall be appointed by the Probate Court having jurisdiction, but such Trustee appointment shall not thereafter create any continuing duty to account to the Probate Court unless otherwise demanded by the Settlor.
Alternate Trustees. Whenever the Issuer shall so determine, a Person different than the initial Trustee may be appointed by the Issuer to act as an alternate Trustee with respect to any Series of Bonds proposed to be issued hereunder. Such alternate Trustee shall also satisfy the eligibility requirements of the TIA and this Article VI. The Issuer shall have the power to appoint a separate Trustee to act as Trustee with respect to any Series of Bonds proposed to be issued hereunder and each such alternate Trustee and the Issuer alone shall have the power to execute and deliver an agreement supplemental hereto, which agreement supplemental hereto may be the Series Supplement for such Series of Bonds, which shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trust and duties of the Trustee with respect to the Outstanding Bonds of any Series as to which the Trustee initially named in the Series Supplement for such Series is not retiring, shall continue to be vested in such initial Trustee, and shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trust hereunder by more than one Trustee with respect to the Outstanding Bonds of any Series as to which the initial Trustee named herein is not to be the Trustee or with respect to any proposed Series of Bonds, it being understood that nothing herein or in such supplemental agreement shall constitute such Trustees as co-Trustees of the same trust and that each such Trustee shall be a Trustee of a separate trust or trusts with respect to different Series of Bonds each concurrently Outstanding. No separate or alternate Trustee shall accept its appointment unless, at the time of such acceptance such separate Trustee shall be qualified and eligible under this Article VI.
Alternate Trustees. (a) Each party described in Section 4.1 as being authorized to appoint a Trustee may appoint an alternate Trustee for each Trustee that party is entitled to appoint. An individual appointed a Trustee pursuant to Section 4.1 is ineligible to be appointed an alternate Trustee.
(b) Once an alternate Trustee is appointed, the alternate Trustee’s term of office shall be coincident with the remainder of the term of the Trustee for whom the individual is appointed alternate Trustee (hereinafter described as the alternate Trustee’s “Primary Trustee”). An alternate Trustee shall be appointed and replaced in the same manner and on the same terms as a Trustee may be appointed and replaced.
(c) If a Primary Trustee dies, resigns, or is removed from office, his or her alternate Trustee shall continue to hold office for the remainder of what would have been the term in office of the Primary Trustee, subject to the alternate Trustee’s death, resignation or removal in accordance with this Agreement. The alternate Trustee shall not assume the Primary Trustee’s office as Trustee unless the alternate Trustee is appointed as such in accordance with this Agreement. Pending the appointment of a replacement Primary Trustee, the alternate Trustee shall be entitled to attend and vote at meetings as provided in subsection (e).
(d) Except as otherwise provided in this Agreement, an alternate Trustee has all the rights, duties and responsibilities of a Trustee, including the right to be indemnified and otherwise protected in accordance with this Agreement. Without limitation, an alternate Trustee shall be entitled to receive all information provided to the Trustees, shall be entitled to attend and speak to, but except as provided in subsection (e) shall not be entitled to vote at, any duly called and constituted meeting of the Board of Trustees.
(e) If an alternate Trustee’s Primary Trustee does not attend a meeting of the Board of Trustees, the alternate Trustee shall be entitled to vote at that meeting, and for all purposes of this Agreement, including the determination of whether the quorum requirements in Section 5.5 and the voting requirements in Section 5.6 have been satisfied, the alternate Trustee’s presence and vote at a meeting of the Board of Trustees shall be considered the presence and vote by the alternate Trustee’s Primary Trustee.
(f) An alternate Trustee’s Primary Trustee shall have no responsibility for the acts or omissions of his or her alternate Trustee, and vice...
Alternate Trustees. An Alternate Trustee shall be designated for each Trustee designated. Alternate Trustees may attend and vote at Trust meetings in the absence of the Trustee for whom that person is an alternate.
Alternate Trustees. The term "Alternate Trustees" as used herein shall mean the Alternate Trustees and their successors designated in the manner provided herein.
Alternate Trustees. Each Trustee shall have the power to nominate another person to act as alternate Trustee in his place during his absence or inability to act, and the appointment shall remain effective unless the Trustees decide to cancel the at the next succeeding meeting (save that the Trustees may not cancel the appointment of an alternate Trustee who is a Trustee in his own right). On his appointment as such, the alternate Trustee shall, in all respects, be subject to all the conditions applicable to the other Trustees of the Club. other security on the undertaking, on the whole or any part of the Scheme Accommodation, both present and future, subject to the provisions of the Constitution;
Alternate Trustees. For each Principal Trustee required to be appointed pursuant to Section 1 of this Article, the organization making the appointment shall appoint an Alternate Trustee to serve in the place and stead of such Principal Trustee in the event of the Principal Trustee's disability, death, resigna- tion or absence. In the event that both a Principal Trustee and the Alternate Trustee are unable to serve for any reason whatsoever, then a majority of the remaining Principal Trustees of the same appointing authority shall designate a temporary successor Alternate Trustee from the remaining Alternate Trustees to act.
Alternate Trustees