Common use of Eligibility to Serve Clause in Contracts

Eligibility to Serve. No person shall be appointed to serve as a Trustee after attaining the age of 75 years. Any Trustee shall retire as a Trustee as of the end of the calendar year in which the Trustee attains the age of 75 years, except that upon the vote of a majority of the Trustees who are not “interested persons,” as defined in Section 2(a)(19) of the Investment Company Act of 1940 Act, as amended, the term of a Trustee may be extended past the end of the calendar year in which he attains the age of 75. [added 2/2/93; amended 12/2/94, 2/25/97, 5/20/02, 11/12/02 and 12/17/09]

Eligibility to Serve. No person shall be appointed to serve as a Trustee trustee after attaining the age of 75 65 years. Any Trustee shall retire as a Trustee as of the end of the calendar year in which the Trustee attains the age of 75 years, except that upon this provision shall not apply to Xxxxxx X. Xxxxxx, the vote founder of a majority The Acorn Fund, Inc., the predecessor of the Trustees who are not “interested persons,” as defined in Section 2(a)(19) Trust, or to the chairman or vice-chairman of the Investment Company Act board of 1940 Acttrustees, as amended, or to the term of a Trustee may be extended past the end chairman of the calendar year in which he attains executive committee of the age board of 75trustees. [added 2/2/93; amended 12/2/94, 12/2/94 and 2/25/97, 5/20/02, 11/12/02 and 12/17/09]

Eligibility to Serve. No person shall be appointed to serve as a Trustee trustee after attaining the age of 75 65 years. Any Trustee shall retire as a Trustee as of the end of the calendar year in which the Trustee attains the age of 75 years, except that upon this provision shall not apply to Xxxxxx X. Xxxxxx, the vote founder of a majority The Acorn Fund, Inc., the predecessor of the Trustees who are not “interested persons,” as defined in Section 2(a)(19) Trust, or to the chairman or vice- chairman of the Investment Company Act board of 1940 Acttrustees, as amended, or to the term of a Trustee may be extended past the end chairman of the calendar year in which he attains executive committee of the age board of 75trustees. [added 2/2/93; amended 12/2/94, 12/2/94 and 2/25/97, 5/20/02, 11/12/02 and 12/17/09]