Common use of Permitted conditions Clause in Contracts

Permitted conditions. (a) The trust agreement may provide that the trustee may resign upon delivery of a written notice of resignation, effective not less than 90 days after receipt by the beneficiary and grantor of the notice and that the trustee may be removed by the grantor by delivery to the trustee and the beneficiary of a written notice of removal, effective not less than 90 days after receipt by the trustee and the beneficiary of the notice. No resignation or removal is effective until a successor trustee has been appointed and approved by the beneficiary and the grantor and all assets in the trust have been duly transferred to the new trustee.

Permitted conditions. (a) The trust agreement may provide that the trustee may resign upon delivery of a written notice of resignation, effective not less than 90 ninety days after receipt by the beneficiary and grantor of receive the notice and that the trustee may be removed by the grantor by delivery to the trustee and the beneficiary of a written notice of removal, effective not less than 90 ninety days after receipt by the trustee and the beneficiary of re- ceive the notice. No , provided that no such resignation or removal is shall be effective until a successor trustee has been duly appointed and approved ap- proved by the beneficiary and the grantor and all assets in the trust have been duly transferred to the new trustee.