Initial Trustee. The Initial Trustee shall initially be the sole Trustee of the Trust and shall have and exercise all powers of the Trustees under this Declaration of Trust. Prior to the issuance of Shares by the Trust, the Initial Trustee shall appoint new Trustees, and the number of Trustees constituting the Board of Trustees shall be equal to the number of persons appointed as Trustees by the Initial Trustee and thereafter may be fixed from time to time by the Trustees, provided, however, that the number of Trustees shall in no event be less than two (2). Upon such appointment, the Initial Trustee may but is not required to resign as a Trustee.
Appears in 4 contracts
Samples: Agreement and Declaration (Principal Private Credit Fund I), Principal Real Asset Fund (Principal Real Asset Fund), Agreement and Declaration of Trust (Principal Diversified Select Real Asset Fund)
