Common use of Appointment of Successor Trustees Clause in Contracts

Appointment of Successor Trustees. Upon the expiration of the term of appointment of a Trustee, or in the event of the resignation, removal, or inability of a Trustee to act or to continue to act as co- trustee of this Trust, the then serving Trustees, by a majority vote, shall fill the vacancy thereby occasioned within one hundred and twenty days (120) of being notified of the vacancy. Such appointment shall become effective immediately upon the written acceptance of the appointment by the successor Trustee without obtaining approval from any court having jurisdiction over the Trust. A Trustee appointed to fill a vacancy on account of resignation, removal, or inability to act shall serve the unexpired term of the Trustee for whom the individual is appointed successor. All other appointments shall be for five (5) year terms.

Appointment of Successor Trustees. Upon the expiration of the term terms of appointment of a Trustee, or in the event of the resignation, removal, or inability of a Trustee to act or to continue to act as co- co-trustee of this Trust, the then serving TrusteesBoard of Directors, by a majority voteor other governing body of The Xxxxxxxx, shall fill the vacancy thereby occasioned within one hundred and twenty days (120) of being notified of the vacancy. Such appointment shall become effective immediately upon the written acceptance of the appointment by the successor Trustee without obtaining approval from any court having jurisdiction over the Trust. A Trustee appointed to fill a vacancy on account of resignation, removal, or inability to act shall serve the unexpired term of the Trustee for whom the individual is appointed successor. All other appointments shall be for five (5) year terms.