Number and Qualification of Trustees. Subject to the provisions of Section 10.3 relating to the period pending the appointment of a successor Trustee, there shall be one Trustee of this Trust, which shall be a citizen and resident of or a corporation or other entity which is incorporated or formed under the laws of a state of the United States and, if a corporation, it shall be authorized to act as a corporate fiduciary under the laws of the State of Delaware. The number of Trustees may be increased or decreased from time to time by the Trustee. If any corporate Trustee shall ever change its name, or shall reorganize or reincorporate, or shall merge with or into or consolidate with any other corporation or entity, bank or trust company, such corporate Trustee shall be deemed to be a continuing entity and shall continue to act as a Trustee hereunder with the same liabilities, duties, powers, titles, discretions and privileges as are herein specified for a Trustee.
Number and Qualification of Trustees. (a) Subject to the provisions of Section 6.03 relating to the period pending the appointment of a successor Trustee, there shall be three Trustees of this Trust comprising the Board of Trustees, who shall be citizens and residents of, or a corporation or other entity which is incorporated or formed under the laws of, a state of the United States and, if a corporation, it shall be authorized to act as a corporate fiduciary under the laws of the State of Maryland or such other jurisdiction as shall be determined by the Trustee in its sole discretion. The number of Trustees may be increased or decreased from time to time by the Trustees, provided that there shall never be fewer than one Trustee.
(b) If a corporate Trustee shall ever change its name, or shall reorganize or reincorporate, or shall merge with or into or consolidate with any other bank or trust company, such corporate trustee shall be deemed to be a continuing entity and shall continue to act as a trustee hereunder with the same liabilities, duties, powers, titles, discretions, and privileges as are herein specified for a Trustee.
(c) A majority of the Trustees shall be Independent Trustees; provided that, if one or more Independent Trustees shall resign or be removed, and pending the filling of the vacancy or vacancies created by such resignation or removal less than a majority of the Trustees are Independent Trustees, the failure of a majority of the Trustees to be Independent Trustees shall not affect the validity of any action taken by the Trustees.
Number and Qualification of Trustees. Subject to the provisions of Section 10.3 relating to the period pending the appointment of a successor Trustee, there shall be two Trustees of this Trust, each of whom shall be a citizen and resident of or a corporation which is incorporated under the laws of a state of the United States and, if a corporation, it shall be authorized to act as a corporate fiduciary under the laws of the State of New York. If any corporate Trustee shall change its name, or shall reorganize or reincorporate, or shall merge with or into or consolidate with any other bank or trust company, such corporate Trustee shall be deemed to be a continuing entity and shall continue to act as a Trustee hereunder with the same rights, powers, obligations, duties, titles, discretions, privileges, indemnities and immunities as are herein specified for a Trustee.
Number and Qualification of Trustees. (a) Subject to Section 10.3, there shall be one (1) Trustee of the Trust, who shall be a citizen and resident of, or a corporation which is incorporated under, or a limited liability company organized under the laws of the State of Delaware.
(b) The Trustee represents that it possesses every license, permit, charter and authorization (collectively, “Authorizations”) necessary to execute and deliver this Agreement and perform its obligations hereunder and has given every notice and taken every action required by applicable law or governmental authorities and regulatory bodies to perform its obligations hereunder; except where the failure to possess such Authorizations or the failure to give such notice or take such action would not have a material adverse effect on the ability of Trustee to perform its obligations hereunder.
(c) If a corporate Trustee shall ever change its name, or shall reorganize or reincorporate, or shall merge with or into or consolidate with any other company, such corporate trustee shall be deemed to be a continuing entity and shall continue to act as a trustee hereunder with the same liabilities, duties, powers, titles, discretions, and privileges as are herein specified for a Trustee.
Number and Qualification of Trustees. Subject to the provisions of Section 10.3 relating to the period pending the appointment of a successor Trustee, there shall be no fewer than one nor more than five Trustees of this Trust, each of whom shall be a citizen and resident of or a corporation which is incorporated under the laws of a state of the United States and, if a corporation, it shall be authorized to act as a corporate fiduciary under the laws of the State of New York and each of whom shall not have been at anytime prior to May 8, 1996 an "interested person" (as such term is used in the 1940 Act) with respect to Fund or Commonwealth Associates (a partnership which sponsored Fund and acted as underwriter of Fund's initial public offering) as if each of Fund and Commonwealth Associates were an investment company registered under the 1940 Act. Within the limits set forth in this Section 10.1, the number of Trustees may be increased or decreased from time to time by the Trustees. If any corporate Trustee shall ever change its name, or shall reorganize or reincorporate, or shall merge with or into or consolidate with any other bank or trust company, such corporate Trustee shall be deemed to be a continuing entity and shall continue to act as a Trustee hereunder with the same liabilities, duties, powers, titles, discretions and privileges as are herein specified for a Trustee.
Number and Qualification of Trustees. The exact number of Trustees shall be set as provided in the Agreement.
Number and Qualification of Trustees. Resignation and Removal
Number and Qualification of Trustees. Subject to the provisions of Section 8.3 relating to the period pending the appointment of a successor Trustee, there shall be no fewer than one nor more than three Trustees of this Trust, each of whom shall be a resident of the United States. Within the limits set forth in this Section 8.1, the number of Trustees may be increased or decreased from time to time by the Trustees. Notwithstanding anything to the contrary in this Agreement, the Trustees shall initially consist solely of Xxxxxxx Xxxxxxxx (the “Original Trustee”, who shall serve in such capacity until such person’s death, permanent disability, or resignation in accordance with this Agreement. No appointment of any additional Trustee or election to remove or replace any Original Trustee or to fill any vacancy caused by the death, permanent disability or resignation of any Original Trustee shall be held under any provisions of this Agreement, including Section 8.3 or 8.4, unless and until no Original Trustee is serving as Trustee. “Permanent disability” shall mean a physical or mental incapacity or disability that renders the Trustee unable to perform the essential job functions of his position (a) for 90 days in any 12-month period, or (b) for a period of 60 consecutive days.
Number and Qualification of Trustees. The authorized number of trustees shall be not less than three (3) nor more than fifteen (15). The exact number of trustees within the limits specified shall be four (4), until changed by a duly adopted amendment to the Declaration of Trust and these By-laws.
Number and Qualification of Trustees. (a) Subject to Section 10.3, there shall be two Trustees of the Trust, each of whom shall be a citizen and resident of, or a corporation which is incorporated under the laws of, a state in the United States and, if a corporation, which is authorized to act as a corporate fiduciary under the laws of the State of Maryland.
(b) If a corporate Trustee shall ever change its name, or shall reorganize or reincorporate, or shall merge with or into or consolidate with any other bank or trust company, such corporate trustee shall be deemed to be a continuing entity and shall continue to act as a trustee hereunder with the same liabilities, duties, powers, titles, discretions, and privileges as are herein specified for a Trustee.
