Common use of Number, Election and Tenure Clause in Contracts

Number, Election and Tenure. The Trustees at the Trust’s inception were Xxxxxxxx X. Xxxxxx, Xxxxxxx X. Xxxxxx, III, K. Dun Xxxxxxx, Xxxxx X. Xxxxxx, Xxxxx Xxxxx, Jr., Xxxxxx X. XxXxxxxxx, Xxxxxx X. XxXxxxx, Xxxxx X. Xxxxxxxxxx, Xxxxxxx X. Xxxxxx, III, Xxxxxxx X. Xxxxxxxx, Xxxxxxx X. Xxxxx, and Xxxxxxx X. Xxxxxx (each, an “Initial Trustee”). The number of Trustees shall at all times be at least one and no more than such number as determined, from time to time, by the Trustees pursuant to Section 3 of this Article IV. Additional Trustees (each, a “New Trustee”) may be appointed by the Trustees to fill any vacancy, subject to the requirements of the 1940 Act, or may be elected by Shareholders at any meeting of Shareholders called by the Trustees for that purpose. Each Initial Trustee shall serve during the lifetime of the Trust or until he or she dies, resigns, has reached any mandatory retirement age as set by the Trustees, is declared bankrupt or incompetent by a court of appropriate jurisdiction, or is removed, or, if sooner, until the next meeting of Shareholders called for the purpose of electing Trustees and until the election and qualification of his or her successor. Each New Trustee shall serve for an initial term of three years, and, if thereafter re-appointed by at least two-thirds of the number of the Trustees then holding office or elected by Shareholders at any meeting of Shareholders called by the Trustees for that purpose, shall serve during the lifetime of the Trust or, in either case, until he or she dies, resigns, has reached any mandatory retirement age as set by the Trustees, is declared bankrupt or incompetent by a court of appropriate jurisdiction, or is removed, or, if sooner; until the next meeting of Shareholders called for the purpose of electing Trustees and until the election and qualification of his or her successor. The Trustees may, by vote of at least two-thirds of the number of Trustees in office, in their absolute discretion waive the operation of the previous sentence (upon the initial election of a New Trustee in question or at any time during the initial term of a New Trustee), with the effect that a New Trustee may be appointed by the Trustees to serve for a term determined as if that person had already served an initial term of three years. In the event that less than a majority of the Trustees holding office have been elected by the Shareholders, the Trustees then in office shall take such actions as may be necessary under applicable law for the election of Trustees. Any Trustee may resign at any time by written instrument signed by him or her and delivered to any officer of the Trust or to a meeting of the Trustees. Such resignation shall be effective upon receipt unless specified to be effective at some other time. Except to the extent expressly provided in a written agreement with the Trust, no Trustee resigning and no Trustee removed shall have any right to any compensation for any period following his or her resignation or removal, or any right to damages on account of such removal. The Shareholders may elect Trustees at any meeting of Shareholders called by the Trustees for that purpose. Any Trustee may be removed at any meeting of Shareholders by a vote of two-thirds of the outstanding Shares of the Trust. The foregoing amendment shall become effective upon its execution by a majority of the Trustees of the Trust.

Number, Election and Tenure. The number of Trustees at the Trust’s inception were shall initially be 12, who shall be Xxxxxxxx X. Xxxxxx, Xxxxxxx X. Xxxxxx, III, K. Dun Xxxxxxx, Xxxxx X. Xxxxxx, Xxxxx Xxxxx, Jr., Xxxxxx X. XxXxxxxxx, Xxxxxx X. XxXxxxx, Xxxxx X. Xxxxxxxxxx, Xxxxxxx X. Xxxxxx, III, Xxxxxxx X. Xxxxxxxx, Xxxxxxx X. Xxxxx, and Xxxxxxx X. Xxxxxx (each, an “Initial Trustee”). The Thereafter, the number of Trustees shall at all times be at least one and no more than such number as determined, from time to time, by the Trustees pursuant to Section 3 of this Article IV. Additional Trustees (each, a “New Trustee”) may be appointed by the Trustees to fill any vacancy, subject to the requirements of the 1940 Act, or may be elected by Shareholders at any meeting of Shareholders called by the Trustees for that purpose. Each Initial Trustee shall serve during the lifetime of the Trust or until he or she dies, resigns, has reached any mandatory retirement age as set by the Trustees, is declared bankrupt or incompetent by a court of appropriate jurisdiction, or is removed, or, if sooner, until the next meeting of Shareholders called for the purpose of electing Trustees and until the election and qualification of his or her successor. Each New Trustee shall serve for an initial term of three years, and, if thereafter re-appointed by at least two-thirds of the number of the Trustees then holding office or elected by Shareholders at any meeting of Shareholders called by the Trustees for that purpose, shall serve during the lifetime of the Trust or, in either case, until he or she dies, resigns, has reached any mandatory retirement age as set by the Trustees, is declared bankrupt or incompetent by a court of appropriate jurisdiction, or is removed, or, if sooner; until the next meeting of Shareholders called for the purpose of electing selecting Trustees and until the election and qualification of his or her successor. The Trustees may, by vote of at least two-thirds of the number of Trustees in office, in their absolute discretion waive the operation of the previous sentence (upon the initial election of a New Trustee in question or at any time during the initial term of a New Trustee), with the effect that a New Trustee may be appointed by the Trustees to serve for a term determined as if that person had already served an initial term of three years. In the event that less than a majority of the Trustees holding office have been elected by the Shareholders, the Trustees then in office shall take such actions as may be necessary under applicable law for the election of Trustees. Any Trustee may resign at any time by written instrument signed by him or her and delivered to any officer of the Trust or to a meeting of the Trustees. Such resignation shall be effective upon receipt unless specified to be effective at some other time. Except to the extent expressly provided in a written agreement with the Trust, no Trustee resigning and no Trustee removed shall have any right to any compensation for any period following his or her resignation or removal, or any right to damages on account of such removal. The Shareholders may elect Trustees at any meeting of Shareholders called by the Trustees for that purpose. Any Trustee may be removed at any meeting of Shareholders by a vote of two-thirds of the outstanding Shares of the Trust. The foregoing amendment shall become effective upon its execution by a majority of the Trustees of the Trust.

Number, Election and Tenure. The Trustees at the Trust’s inception were Xxxxxxxx X. Xxxxxx, Xxxxxxx X. Xxxxxx, III, K. Dun Xxxxxxx, Xxxxx X. Xxxxxx, Xxxxx Xxxxx, Jr., Xxxxxx X. XxXxxxxxx, Xxxxxx X. XxXxxxx, Xxxxx X. Xxxxxxxxxx, Xxxxxxx X. Xxxxxx, III, Xxxxxxx X. Xxxxxxxx, Xxxxxxx X. Xxxxx, and Xxxxxxx X. Xxxxxx (each, an “Initial Trustee”). The number of Trustees shall at all times be at least one and no more than such number as determined, from time to time, by the Trustees pursuant to Section 3 of this Article IV. Additional Trustees (each, a “New Trustee”) may be appointed by the Trustees to fill any vacancy, subject to the requirements of the 1940 Act, or may be elected by Shareholders at any meeting of Shareholders called by the Trustees for that purpose. Each Initial Trustee shall serve during the lifetime of the Trust or until he or she dies, resigns, has reached any mandatory retirement age as set by the Trustees, is declared bankrupt or incompetent by a court of appropriate jurisdiction, or is removed, or, if sooner, until the next meeting of Shareholders called for the purpose of electing Trustees and until the election and qualification of his or her successor. Each New Trustee shall serve for an initial term of three years, and, if thereafter re-appointed by at least two-thirds of the number of the Trustees then holding office or elected by Shareholders at any meeting of Shareholders called by the Trustees for that purpose, shall serve during the lifetime of the Trust or, in either case, until he or she dies, resigns, has reached any mandatory retirement age as set by the Trustees, is declared bankrupt or incompetent by a court of appropriate jurisdiction, or is removed, or, if sooner; until the next meeting of Shareholders called for the purpose of electing Trustees and until the election and qualification of his or her successor. The Trustees may, by vote of at least two-thirds of the number of Trustees in office, in their absolute discretion waive the operation of the previous sentence (upon the initial election of a New Trustee in question or at any time during the initial term of a New Trustee), with the effect that a New Trustee may be appointed by the Trustees to serve for a term determined as if that person had already served an initial term of three years. In the event that less than a majority of the Trustees holding office have been elected by the Shareholders, the Trustees then in office shall take such actions as may be necessary under applicable law for the election of Trustees. Any Trustee may resign at any time by written instrument signed by him or her and delivered to any officer of the Trust or to a meeting of the Trustees. Such resignation shall be effective upon receipt unless specified to be effective at some other time. Except to the extent expressly provided in a written agreement with the Trust, no Trustee resigning and no Trustee removed shall have any right to any compensation for any period following his or her resignation or removal, or any right to damages on account of such removal. The Shareholders may elect Trustees at any meeting of Shareholders called by the Trustees for that purpose. Any Trustee may be removed at any meeting of Shareholders by a vote of two-thirds of the outstanding Shares of the Trust. The foregoing amendment shall become effective upon its execution by a majority of the Trustees of the Trust.. [Signature page follows]

Number, Election and Tenure. The Trustees at the Trust’s inception were Xxxxxxxx X. Xxxxxx, Xxxxxxx X. Xxxxxx, III, K. Dun Xxxxxxx, Xxxxx X. Xxxxxx, Xxxxx Xxxxx, Jr., Xxxxxx X. XxXxxxxxx, Xxxxxx X. XxXxxxx, Xxxxx X. Xxxxxxxxxx, Xxxxxxx X. Xxxxxx, III, Xxxxxxx X. Xxxxxxxx, Xxxxxxx X. Xxxxx, and Xxxxxxx X. Xxxxxx (each, an “Initial Trustee”). The number of Trustees initially was one (1) who was Xxxxxxx X. Xxxxxx. Thereafter, the number of Trustees shall be fixed from time to time by the Trustees and shall at all times be at least one and no more than such number as determined, from time to time, by the Trustees pursuant to Section 3 of this Article IV. A Trustee may be elected either by the Trustees or by the Shareholders. Each Trustee elected by the Trustees or the Shareholders shall serve until he or she retires, resigns, is removed, or dies or until the election and qualification of his or her successor. At any meeting called for the purpose, a Trustee may be removed by vote of the holders of two-thirds of the outstanding Shares. Additional Trustees (each, a “New Trustee”) may be appointed by the Trustees to fill any vacancy, subject to the requirements of the 1940 Act, or may be elected by Shareholders at any meeting of Shareholders called by the Trustees for that purpose. Each Initial Trustee shall serve during the lifetime of the Trust or until he or she dies, resigns, has reached any mandatory retirement age as set by the Trustees, is declared bankrupt or incompetent by a court of appropriate jurisdiction, or is removed, or, if sooner, until the next meeting of Shareholders called for the purpose of electing Trustees and until the election and qualification of his or her successor. Each New Trustee shall serve for an initial term of three years, and, if thereafter re-appointed by at least two-thirds of the number of the Trustees then holding office or elected by Shareholders at any meeting of Shareholders called by the Trustees for that purpose, shall serve during the lifetime of the Trust or, in either case, until he or she dies, resigns, has reached any mandatory retirement age as set by the Trustees, is declared bankrupt or incompetent by a court of appropriate jurisdiction, or is removed, or, if sooner; until the next meeting of Shareholders called for the purpose of electing Trustees and until the election and qualification of his or her successor. The Trustees may, by vote of at least two-thirds of the number of Trustees in office, in their absolute discretion waive the operation of the previous sentence (upon the initial election of a New Trustee in question or at any time during the initial term of a New Trustee), with the effect that a New Trustee may be appointed by the Trustees to serve for a term determined as if that person had already served an initial term of three years. In the event that less than a majority of the Trustees holding office have been elected by the Shareholders, the Trustees then in office shall take such actions as may be necessary under applicable law for the election of Trustees. Any Trustee may resign at any time by written instrument signed by him or her and delivered to any officer of the Trust or to a meeting of the Trustees. Such resignation shall be effective upon receipt unless specified to be effective at some other time. Except to the extent expressly provided in a written agreement with the Trust, no Trustee resigning and no Trustee removed shall have any right to any compensation for any period following his or her resignation or removal, or any right to damages on account of such removal. The Shareholders may elect Trustees at any meeting of Shareholders called by the Trustees for that purpose. Any Trustee may be removed at any meeting of Shareholders by a vote of two-thirds of the outstanding Shares of the Trust. The foregoing amendment shall become effective upon its execution by a majority of the Trustees of the Trust.

Number, Election and Tenure. The number of Trustees at the Trust’s inception were shall initially be 12, who shall be Xxxxxxxx X. Xxxxxx, Xxxxxxx X. Xxxxxx, III, K. Dun Xxxxxxx, Xxxxx X. Xxxxxx, Xxxxx Xxxxx, Jr., Xxxxxx X. XxXxxxxxx, Xxxxxx X. XxXxxxx, Xxxxx X. Xxxxxxxxxx, Xxxxxxx X. Xxxxxx, III, Xxxxxxx X. Xxxxxxxx, Xxxxxxx X. Xxxxx, and Xxxxxxx X. Xxxxxx (each, an “Initial Trustee”). The Thereafter, the number of Trustees shall at all times be at least one and no more than such number as determined, from time to time, by the Trustees pursuant to Section 3 of this Article IV. Additional Trustees (each, a “New Trustee”) may be appointed by the Trustees to fill any vacancy, subject to the requirements of the 1940 Act, or may be elected by Shareholders at any meeting of Shareholders called by the Trustees for that purpose. Each Initial Trustee shall serve during the lifetime of the Trust or pr until he or she dies, resigns, has reached any mandatory retirement age as set by the Trustees, is declared bankrupt or incompetent by a court of appropriate jurisdiction, or is removed, or, if sooner, until the next meeting of Shareholders called for the purpose of electing Trustees and until the election and qualification of his or her successor. Each New Trustee shall serve for an initial term of three years, and, if thereafter re-appointed by at least two-thirds of the number of the Trustees then holding office or elected by Shareholders at any meeting of Shareholders called by the Trustees for that purpose, shall serve during the lifetime of the Trust or, in either case, until he or she dies, resigns, has reached any mandatory retirement age as set by the Trustees, is declared bankrupt or bankruptor incompetent by a court of appropriate jurisdiction, or is removed, or, if sooner; until the next meeting of Shareholders called for the purpose of electing Trustees and until the election and qualification of his or her successor. The Trustees may, by vote of at least two-thirds of the number of Trustees in office, in their absolute discretion waive the operation of the previous sentence (upon the initial election of a New Trustee in question or at any time during the initial term of a New Trustee), with the effect that a New Trustee may be appointed by the Trustees to serve for a term determined as if that person had already served an initial term of three years. In the event that less than a majority of the Trustees holding office have been elected by the Shareholders, the Trustees then in office shall take such actions as may be necessary under applicable law for the election of Trustees. Any Trustee may resign at any time by written instrument signed by him or her and delivered to any officer of the Trust or to a meeting of the Trustees. Such resignation shall be effective upon receipt unless specified to be effective at some other time. Except to the extent expressly provided in a written agreement with the Trust, no Trustee resigning and no Trustee removed shall have any right to any compensation for any period following his or her resignation or removal, or any right to damages on account of such removal. The Shareholders may elect Trustees at any meeting of Shareholders called by the Trustees for that purpose. Any Trustee may be removed at any meeting of Shareholders by a vote of two-thirds of the outstanding Shares of the Trust. The foregoing amendment shall become effective upon its execution by a majority of the Trustees of the Trust.

Number, Election and Tenure. The number of Trustees at the Trust’s inception were shall initially be 12, who shall be Xxxxxxxx X. Xxxxxx, Xxxxxxx X. Xxxxxx, III, K. Dun Xxxxxxx, Xxxxx X. Xxxxxx, Xxxxx Xxxxx, Jr., Xxxxxx X. XxXxxxxxx, Xxxxxx X. XxXxxxx, Xxxxx X. Xxxxxxxxxx, Xxxxxxx X. Xxxxxx, III, Xxxxxxx X. Xxxxxxxx, Xxxxxxx X. Xxxxx, and Xxxxxxx X. Xxxxxx (each, an “Initial Trustee”). The Thereafter, the number of Trustees shall at all times be at least one and no more than such number as determined, from time to time, by the Trustees pursuant to Section 3 of this Article IV. Additional Trustees (each, a “New Trustee”) may be appointed by the Trustees to fill any vacancy, subject to the requirements of the 1940 Act, or may be elected by Shareholders at any meeting of Shareholders called by the Trustees for that purpose. Each Initial Trustee shall serve during the lifetime of the Trust or until he or she dies, resigns, has reached any mandatory retirement age as set by the Trustees, is declared bankrupt or incompetent by a court of appropriate jurisdiction, or is removed, or, if sooner, until the next meeting of Shareholders called for the purpose of electing Trustees and until the election and qualification of his or her successor. Each New Trustee shall serve for an initial term of three years, and, if thereafter re-appointed by at least two-thirds of the number of the Trustees then holding office or elected by Shareholders at any meeting of Shareholders called by the Trustees for that purpose, shall serve during the lifetime of the Trust or, in either case, until he or she dies, resigns, has reached any mandatory retirement age as set by the Trustees, is declared bankrupt or incompetent by a court of appropriate jurisdiction, or is removed, or, if sooner; until the next meeting of Shareholders called for the purpose of electing Trustees and until the election and qualification of his or her successor. The Trustees may, by vote of at least two-thirds of the number of Trustees in office, in their absolute discretion waive the operation of the previous sentence (upon the initial election of a New Trustee in question or at any time during the initial term of a New Trustee), with the effect that a New Trustee may be appointed by the Trustees to serve for a term determined as if that person had already served an initial term of three years. In the event that less than a majority of the Trustees holding office have been elected by the Shareholders, the Trustees then in office shall take such actions as may be necessary under applicable law for the election of Trustees. Any Trustee may resign at any time by written instrument signed by him or her and delivered to any officer of the Trust or to a meeting of the Trustees. Such resignation shall be effective upon receipt unless specified to be effective at some other time. Except to the extent expressly provided in a written agreement with the Trust, no Trustee resigning and no Trustee removed shall have any right to any compensation for any period following his or her resignation or removal, or any right to damages on account of such removal. The Shareholders may elect Trustees at any meeting of Shareholders called by the Trustees for that purpose. Any Trustee may be removed at any meeting of Shareholders by a vote of two-thirds of the outstanding Shares of the Trust. The foregoing amendment shall become effective upon its execution by a majority of the Trustees of the Trust.

Number, Election and Tenure. The number of Trustees at the Trust’s inception were shall initially be 12, who shall be Xxxxxxxx X. Xxxxxx, Xxxxxxx X. Xxxxxx, III, K. Dun Xxxxxxx, Xxxxx X. Xxxxxx, Xxxxx Xxxxx, Jr., Xxxxxx X. XxXxxxxxx, Xxxxxx X. XxXxxxx, Xxxxx X. Xxxxxxxxxx, Xxxxxxx X. Xxxxxx, III, Xxxxxxx X. Xxxxxxxx, Xxxxxxx X. Xxxxx, and Xxxxxxx X. Xxxxxx (each, an “Initial Trustee”). The Thereafter, the number of Trustees shall at all times be at least one and no more than such number as determined, from time to time, by the Trustees pursuant to Section 3 of this Article IV. Additional Trustees (each, a “New Trustee”) may be appointed by bu the Trustees to fill any vacancy, subject to the requirements of the 1940 Act, or may be elected by Shareholders at any meeting of Shareholders called by the Trustees for that purpose. Each Initial Trustee shall serve during the lifetime of the Trust or until he or she dies, resigns, has reached any mandatory retirement age as set by the Trustees, is declared bankrupt or incompetent by a court of appropriate jurisdiction, or is removed, or, if sooner, until the next meeting of Shareholders called for the purpose of electing Trustees and until the election and qualification of his or her successor. Each New Trustee shall serve for an initial term of three years, and, if thereafter re-appointed by at least two-thirds of the number of the Trustees then holding office or elected by Shareholders at any meeting of Shareholders called by the Trustees for that purpose, shall serve during the lifetime of the Trust or, in either case, until he or she dies, resigns, has reached any mandatory retirement age as set by the Trustees, is declared bankrupt or bankruptor incompetent by a court of appropriate jurisdiction, or is removed, or, if sooner; until the next meeting of Shareholders called for the purpose of electing Trustees and until the election and qualification of his or her successor. The Trustees may, by vote of at least two-thirds of the number of Trustees in office, in their absolute discretion waive the operation of the previous sentence (upon the initial election of a New Trustee in question or at any time during the initial term of a New Trustee), with the effect that a New Trustee may be appointed by the Trustees to serve for a term determined as if that person had already served an initial term of three years. In the event that less than a majority of the Trustees holding office have been elected by the Shareholders, the Trustees then in office shall take such actions as may be necessary under applicable law for the election of Trustees. Any Trustee may resign at any time by written instrument signed by him or her and delivered to any officer of the Trust or to a meeting of the Trustees. Such resignation shall be effective upon receipt unless specified to be effective at some other time. Except to the extent expressly provided in a written agreement with the Trust, no Trustee resigning and no Trustee removed shall have any right to any compensation for any period following his or her resignation or removal, or any right to damages on account of such removal. The Shareholders may elect Trustees at any meeting of Shareholders called by the Trustees for that purpose. Any Trustee may be removed at any meeting of Shareholders by a vote of two-thirds of the outstanding Shares of the Trust. The foregoing amendment shall become effective upon its execution by a majority of the Trustees of the Trust.