Common use of Number and Election of Trustees Clause in Contracts

Number and Election of Trustees. The number of Trustees of the Fund shall be twelve, it being understood that such number may hereafter be changed at any time and from time to time; provided, however, that there shall always be at least one Trustee. When a quorum is present at a meeting, a majority of the Units voted shall decide any question and a plurality shall elect a Trustee, except when a different vote is specifically required by any provision herein or the Bylaws, if any, or any applicable law. From time to time, the Trustees may fill vacancies in the Trustees. Any Trustee may at any time resign as a trustee of the Fund by giving written notice thereof to the other Trustees. Any Trustee may be removed at any time as a trustee of the Fund by the affirmative vote of two-thirds of the Trustees then in office. The Trustees shall hold office until their resignation, removal, death or the appointment of their successor. The Trustees may appoint from among them a Chairman and one or more Vice Chairmen. The Chairman and Vice Chairmen shall have such powers and duties with respect to the calling and conducting of meetings of Trustees as the Trustees may direct. The Trustees may appoint from time to time a Chief Executive Officer or President, a Secretary, and Assistant Secretary and such other Fund officers as they may deem necessary or advisable, and the Trustees may delegate to these persons, subject to the mandatory requirements of applicable law, such powers and duties as they deem appropriate. The Trustees may also adopt from time to time such rules and regulations for the organization and transaction of the Fund’s business as they deem necessary or advisable. The Trustees may act either by meetings or by written consent. In the case of meetings, a majority of the Trustees shall constitute a quorum for the conduct of business, and the vote of a majority of the Trustees present at a meeting at which a quorum is present shall be the act and deed of the Trustees. In the case of action by written consent, it shall be sufficient to bind all the Trustees, and shall be deemed their act and deed, if written consents are obtained from a majority of the Trustees, provided, however, that the written consents are filed with the minutes of the Trustees’ meetings and reported at the next meeting of the Trustees. Meetings of the Trustees may be held either in person or by telephone or other means which permit the Trustees to confer with one another. The manner, time and place of holding meetings, the notices thereof, and the length of time required for such notices shall be determined by the Trustees. Waivers of notice, either before, at or after a meeting, shall be permitted.

Number and Election of Trustees. The number of Trustees of the Fund shall be twelve, it being understood that such number may hereafter be changed at any time and from time to time; provided, however, that there shall always be at least one Trustee. When a quorum is present at a meeting, a majority of the Units voted shall decide any question and a plurality shall elect a Trustee, except when a different vote is specifically required by any provision herein or the Bylaws, if any, or any applicable law. From time to time, the Trustees may fill vacancies in the Trustees. Any Trustee may at any time resign as a trustee of the Fund by giving written notice thereof to the other Trustees. Any Trustee may be removed at any time as a trustee of the Fund by the affirmative vote of two-thirds of the Trustees then in office. The Trustees shall hold office until their resignation, removal, death or the appointment of their successor. The Trustees may appoint from among them a Chairman and one or more Vice Chairmen. The Chairman and Vice Chairmen shall have such powers and duties with respect to the calling and conducting of meetings of Trustees as the Trustees may direct. The Trustees may appoint from time to time a Chief Executive Officer or President, a Secretary, and Assistant Secretary and such other Fund officers as they may deem necessary or advisable, and the Trustees may delegate to these persons, subject to the mandatory requirements of applicable law, such powers and duties as they deem appropriate. The Trustees may also adopt from time to time such rules and regulations for the organization and transaction of the Fund’s 's business as they deem necessary or advisable. The Trustees may act either by meetings or by written consent. In the case of meetings, a majority of the Trustees shall constitute a quorum for the conduct of business, and the vote of a majority of the Trustees present at a meeting at which a quorum is present shall be the act and deed of the Trustees. In the case of action by written consent, it shall be sufficient to bind all the Trustees, and shall be deemed their act and deed, if written consents are obtained from a majority of the Trustees, provided, however, that the written consents are filed with the minutes of the Trustees’ ' meetings and reported at the next meeting of the Trustees. Meetings of the Trustees may be held either in person or by telephone or other means which permit the Trustees to confer with one another. The manner, time and place of holding meetings, the notices thereof, and the length of time required for such notices shall be determined by the Trustees. Waivers of notice, either before, at or after a meeting, shall be permitted.

Number and Election of Trustees. The number of Trustees of the Fund shall be twelve, it being understood that such number may hereafter determined by the Trustees and shall be changed at any time determined by the Trustees and from time to time; shall be not less than nine nor more than nineteen. The Trustees shall be elected annually by the Trust Participants as hereinafter provided, howeverand each Trustee shall hold office until his successor shall have been duly chosen and qualified, that there or until he shall always have resigned or for other reasons shall have ceased to be at least one a Trustee. When a quorum is present at a meetingThe Trustees shall be divided into three classes of equal number, a majority provided that if the total number of the Units voted shall decide any question and a plurality shall elect a Trustee, except when a different vote is specifically required by any provision herein or the Bylaws, if any, or any applicable law. From time to timeTrustees fixed in accordance with this Section does not permit such equal division, the Trustees may fill vacancies shall increase the number of Trustees in any class or classes in their discretion to the extent required in order to assign each Trustee to a class, with the members of each class to be determined by the Trustees. Any Trustee may at any time resign as a trustee Upon the expiration of the Fund term of the Trustees in any such class, successors to such Trustees shall be elected by giving written notice thereof to the other Trust Participants for terms of three years. There shall be no limitation on the number of terms which may be served by the Trustees. Any Trustee may be removed at any time as a trustee of the Fund time, with or without cause, by the affirmative majority vote of two-thirds of the Trustees then in office. The Trustees shall hold office until their resignation, removal, death or the appointment of their successor. The Trustees may appoint from among them a Chairman and one or more Vice Chairmen. The Chairman and Vice Chairmen shall have such powers and duties with respect to the calling and conducting of meetings of Trustees as the Trustees may direct. The Trustees may appoint from time to time a Chief Executive Officer or President, a Secretary, and Assistant Secretary and such other Fund officers as they may deem necessary or advisable, and the Trustees may delegate to these persons, subject to the mandatory requirements of applicable law, such powers and duties as they deem appropriate. The Trustees may also adopt from time to time such rules and regulations for the organization and transaction of the Fund’s business as they deem necessary or advisable. The Trustees may act either by meetings or by written consent. In the case of meetings, a majority of the Trustees shall constitute a quorum for the conduct of business, and the vote of a majority of the Trustees present at a meeting at which a quorum is present shall be the act and deed of the Trustees. In the case event of action by written consentthe death, it resignation, removal, or disqualification, of any Trustee or increase in the authorized number of Trustees or other cause, the vacancy thereby created shall be sufficient to bind all filled by majority vote of the remaining Trustees, and any member so chosen shall be deemed their act and deed, if written consents are obtained from a majority hold office for the remainder of the Trusteesterm for which the Trustee was elected and until his successor shall have been duly chosen and qualified. When the number of Trustees is increased, provided, however, that the written consents are filed with Trustees shall designate the minutes of class or classes in which the Trustees’ meetings and reported at the next meeting of the Trusteesnewly elected Trustees shall serve. Meetings The power of the Trustees may be held either in person or by telephone or other means which permit the Trustees to confer with one another. The manner, time and place of holding meetings, the notices thereof, and the length of time required for such notices fill vacancies shall be determined by subject to the Trustees. Waivers provisions of notice, either before, at or after a meeting, shall be permittedSection 16 of the Investment Company Act.