Appointment of a Successor Trustee. If for any reason a vacancy should occur in the trusteeship, a successor Trustee shall forthwith be appointed by the Sponsor. Any successor Trustee appointed hereunder shall execute, acknowledge, and deliver to the Sponsor an instrument in writing accepting such appointment hereunder. Such successor Trustee thereupon shall become vested with the same title to the property comprising the Trust, and shall have the same powers and duties with respect thereto, as are hereby vested in the original Trustee. The predecessor Trustee shall execute all such instruments and perform all such other acts as the successor Trustee or Sponsor shall reasonably request to effectuate the provisions hereof. The successor Trustee shall have no duty to inquire into the administration of the Trust for any period prior to its succession.
Appointment of a Successor Trustee. Except as otherwise provided in part A.1 of this Section with respect to the initial term of Class A Trustees, in the event a Trustee shall die, resign, become incapacitated, be removed from office, or convicted of a felony or any offense for which registration is required as defined in Virginia Code § 9.1-902, a successor Trustee shall be elected forthwith by the affirmative vote of the majority of the remaining Trustees though less than a quorum of the Board of Trustees. The notice of the election of a successor Trustee shall be furnished to the other Trustees by the Chairperson. In case of the removal, death, resignation, etc. of the Chairperson, notice of the election of a successor Trustee, and the new Chairperson, shall be furnished to the other Trustees by the Administrator. Nominations for interim replacement of vacant positions may be made by any member of the Board of Trustees. The term of office of any Trustee so elected shall expire at the next Annual Meeting of Treasurers and Chief Investment Officers at which Trustees are elected. The successor Trustee shall be elected to complete the term for the Class to which such Trustee has been assigned. In the event that a vacancy occurs in the office of either the Treasurer of Chesapeake or the Treasurer of Roanoke prior to the FY 2021 annual meeting, the newly assigned Treasurer of the founding Participating Political Subdivision will automatically assume the vacant position.
Appointment of a Successor Trustee. Upon receipt by the Grantor of the notice of resignation, or upon removal of the Trustee as provided in Sections 9.1 and 9.2, the Grantor shall promptly appoint a successor trustee. Any successor trustee shall (i) be a bank or trust company in good standing and organized and doing business under the laws of the United States of America or of any state thereof, (ii) be a member of the Federal Reserve System or chartered in the State of New York, and (iii) not be a Parent, a Subsidiary or Affiliate of the Grantor. Upon the acceptance of the appointment as trustee hereunder by a successor trustee and the transfer to such successor trustee of the Trust Assets, the resignation or removal of the Trustee shall become effective (the "EFFECTIVE DATE") and the Grantor shall release the Trustee by written instrument. Thereupon, such estate, rights, powers, privileges and duties of the resigning or removed Trustee shall survive and continue in the successor trustee, and the resigning or removed Trustee shall be discharged from any future duties and obligations under this Agreement; provided however that the resigning or removed Trustee shall continue after the Effective Date to be entitled to the benefits of the indemnities provided herein for the Trustee. If no successor Trustee has been appointed and been accepted within sixty days after the giving by the existing Trustee of notice of resignation as described in section 9.1 hereof, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee.
Appointment of a Successor Trustee. In case the Trustee hereunder shall resign or be removed, or be dissolved or shall be in course of dissolution or liquidation, or otherwise become incapable of acting hereunder, or in case it shall be taken under the control of any public officer or officers or of a receiver appointed by a court, a successor Trustee may be appointed by the Beneficiary. Such appointment shall be made in the manner described, and the successor Trustee shall be vested with such powers, duties and authority as are provided, in Section 71-1-306 of the Small Tract Financing Act.
Appointment of a Successor Trustee. If the Trustee gives notice of his intent to resign pursuant to Section 8.7.1 hereof or is removed pursuant to Section 8.7.2 hereof or dies or becomes incapable of acting, the Trust Advisory Committee shall select a successor Trustee to act under this Agreement and such successor shall be approved by the Bankruptcy Court.
Appointment of a Successor Trustee. 11 ARTICLE V AMENDMENT
Appointment of a Successor Trustee. If, at any time, a Trustee gives notice of its intent to resign pursuant to this Section 4.3 or shall be removed or shall become incapable of acting, within forty-five (45) days thereafter, the Claimants Representative Committee and MCC shall choose and appoint a successor Trustee to act under this MCC Settlement Trust Agreement. If a successor Trustee shall not have been appointed within such forty-five (45) days, such Trustee, the Claimants Representative Committee or MCC may apply to any court of competent jurisdiction to appoint a successor Trustee to act until such time, if any, that a successor Trustee shall have been appointed as provided above. Any successor Trustee so appointed by such court shall immediately and without further act be superseded by any successor Trustee appointed as provided above.
Appointment of a Successor Trustee. Upon the resignation or removal of the Trustee prior to a Change of Control, a successor trustee shall be appointed by the Company. Following a Change of Control, any successor trustee shall be appointed by the Executive Benefits Committee under the SERP. Such successor trustee shall be a bank or trust company established under the laws of the United States or a State within the United States and having assets in excess of $500,000,000. Such appointment shall take effect upon the delivery to the Trustee of (a) a written appointment of such successor trustee, duly executed by the Company or the Executive Benefits Committee, as the case may be, and (b) an acceptance by such successor trustee. Any successor trustee shall have all the rights, powers and duties granted the Trustee hereunder.
Appointment of a Successor Trustee. Advance written notice of the appointment of a successor Trustee shall be provided to the Human Resources Administration, in accordance with Section 6.1. The Trustee shall continue to serve until a successor Trustee is appointed and accepts such appointment. The Settlor and/or the Trustee shall have the authority to appoint a successor Trustee, with notice to the Human Resources Administration, in accordance with Section 6.1. The Trustee shall continue to serve until a successor Trustee is appointed and accepts such appointment.
Appointment of a Successor Trustee. If either or both of the Trustees resigns or is removed in accordance with Section 10(a) or (b) hereof, Interep may appoint any third party, such as an individual, a bank trust department or other party that may be granted corporate trustee powers under state law, as a successor to replace either or both Trustees upon resignation or removal. The appointment shall be effective when accepted in writing by the new Trustee or Trustees, who shall have all of the rights and powers of the former Trustee(s) including ownership rights in the Trust assets. The former Trustee(s) shall execute any instrument necessary or reasonably requested by Interep or the successor Trustee(s) to evidence the transfer.
