Common use of Meetings of the Beneficiary Clause in Contracts

Meetings of the Beneficiary. The Managing Trustees shall cause to be called and held an annual meeting of the Beneficiary at such time and such place as they may determine at which Managing Trustees shall be appointed and any other proper business may be conducted. The annual meeting of the Beneficiary shall be held on such date and upon such notice as the Managing Trustees shall determine. Special meetings of the Beneficiary may be called by a majority of the Managing Trustees or the Chairman or the President of the Trust, and shall be called by the Managing Trustees or any officer of the Trust upon the written request of the Beneficiary (or, if more than one Person holds a Beneficial Interest, upon the written request of one or more Persons collectively holding not less than 75 percent of the Beneficial Interest in the Trust), which written request shall state the purpose(s) of the meeting so requested. The Trust shall provide the Beneficiary due notice (either in person or by mail) of a special meeting and the purpose of such meeting, including the date, time, and place of such meeting, as determined by the Managing Trustees. If there shall be no Managing Trustees, a special meeting of the Beneficiary shall be held promptly for the appointment of successor Managing Trustees. The call and notice of any special meeting shall state the purpose of the meeting.