Designation and Term of Directors. Each Member shall be entitled to designate one (and only one) Director to the Company Board. Upon the execution and delivery of this Agreement, each Initial Member shall designate one Director to the Company Board. Upon the admission of an Additional Member (other than a Permitted Transferee), the number of Directors constituting the Company Board shall be increased by one, effective upon the admission of such Additional Member. An Additional Member shall designate one Director to the Company Board, which designation, in the case of an Additional Member that is a Permitted Transferee, shall become effective upon the resignation of the Director designated by the Transferor whom such Additional Member is replacing. The Directors, designated in accordance with the foregoing, shall constitute the Company Board. Each Director shall be designated to serve until the earlier of (i) the designation and qualification of his or her successor, (ii) removal of such Director in accordance with Section 4.01(f) of this Agreement or (iii) such Director’s death or disability. The Chairman of the Company Board shall at all times be appointed from among the Directors.
Designation and Term of Directors. The initial Directors shall be designated by the Trustee, in accordance with the terms of this Deed of Trust and the By-Laws of the Board of Directors. The term of office of each Director shall be from the time of his designation and qualification, until his successor shall have been designated, qualified, and elected in accordance with the By-Laws of the Board of Directors, or until his death, or until he shall have resigned or until December thirty-first (31st) of the year in which he shall have reached eighty-five (85) years of age or until he shall have been removed as herein provided in this Deed of Trust.”. ---------------------------------- ARTICLE IV--------------------------------------- -------------------RATIFICATION OF THE AMENDED-----------------------------------------AND RESTATED DEED OF TRUST---------------------
Designation and Term of Directors. The directors shall be designated solely by the Settlors and the Trustees, except as otherwise provided in the Deed of Trust. The term of office of each director shall be from the time of this designation and qualification, until his removal, resignation, attaining the age of eighty (80) years of age or such other age as may be stipulated in the By-Laws for the Procedures and Operation of the Board of Directors, or death.”. __________________________________-
