Common use of Redemption of Shares by Trustees Clause in Contracts

Redemption of Shares by Trustees. Upon the terms and conditions set forth in the Bylaws, the Trustees may call for the redemption of the Shares of any Person or may refuse to transfer or issue Shares to any Person to the extent that the same is necessary to comply with applicable law or advisable to further the purposes of which the Trust is formed. To the extent permitted by law, the Trustees may retain the proceeds of any redemption of Shares required by them for payment of amounts due and owing by a Shareholder to the Trust or any Portfolio.