Continuing Trustee; Definition Sample Clauses
Continuing Trustee; Definition. For purposes of this Declaration and the Bylaws, the term “Continuing Trustee” shall mean any member of the Board of Trustees who either (a) has been a member of the Board of Trustees for a period of at least thirty-six months (or since the commencement of the Trust’s operations, if less than thirty-six months) or (b) was nominated to serve as a member of the Board of Trustees by a majority of the Continuing Trustees then members of the Board of Trustees.
Continuing Trustee; Definition. For purposes of this Declaration and the Bylaws, the term "Continuing Trustee" shall mean any member of the Board of Trustees who (a) has been a member of the Board of Trustees for a period of at least thirty-six months (or since immediately after the initial registered public offering of the Trust's Shares, if less than thirty-six months); (b) was nominated to serve as a member of the Board of Trustees by a majority of the Continuing Trustees then members of the Board of Trustees; or (c) prior to the first sale of Shares pursuant to an initial registered public offering only, serves as a Trustee. VACANCIES; RESIGNATION; REMOVAL