Common use of Managing Trustees Clause in Contracts

Managing Trustees. The initial Managing Trustees shall be the signatories hereto as Managing Trustees. The Managing Trustees, from time to time, may fix the number of Trustees within the range established in this Agreement, and may change the range in the authorized number of Trustees; provided, however, that the lower end of the authorized range shall not be fewer than three. Subject to the provisions of Section 3.3, each Managing Trustee shall hold office for a term of one year or until the appointment and qualification of his successor. At each annual meeting of the Beneficiary, the Beneficiary shall appoint successors to the Managing Trustees, unless the number of Managing Trustees is then being reduced. Managing Trustees may be reappointed without limit as to the number of times. The Managing Trustees shall be individuals at least 21 years of age who are not under legal disability. Unless otherwise required by law or by action of the Managing Trustees, no Managing Trustee shall be required to give bond, surety, or security in any jurisdiction for the performance of any duties or obligations hereunder. Under no circumstances may the Beneficiary serve as a Managing Trustee. The Managing Trustees in their capacity as Managing Trustees shall not be required to devote their entire time to the business and affairs of the Trust.