Removal of Corporate Trustee. If at any time a corporate Trustee is serving, such Trustee may be removed without court proceedings by delivery to it of a written notice of removal signed by a majority of the beneficiaries who are then entitled to receive or have the benefit of the income of the trust. Upon the removal or the resignation of a corporate Trustee, the majority of the beneficiaries who are then entitled to receive or have the benefit of the income a of the trust shall select a successor corporate Trustee to serve as Trustee without court proceedings. For purposes of this subsection, the Guardian of a beneficiary under a disability may act on behalf of such beneficiary.
Removal of Corporate Trustee. 8.1 The Corporate Trustee may cease to act under this Trust Agreement by serving ninety (90) days written notice to the Council or upon such earlier date as may be agreed between the Council and Corporate Trustee. No such resignation shall be effective until a new Corporate Trustee has been appointed by the Council. If no new Corporate Trustee has been appointed following the notice period then the Corporate Trustee may approach a court of competent jurisdiction for direction to approve the resignation.
Removal of Corporate Trustee. If a corporate trustee is ------------------------------------------ acting at any time the individual trustee other than any of my issue shall have the power to remove the corporate trustee then acting or designated to act without appointing a successor corporate fiduciary.
Removal of Corporate Trustee. The Corporate Trustee may be removed at any time, for or without cause, by an instrument or instruments in writing executed by the holders of at least 51% in aggregate principal amount of the Notes at the time outstanding and delivered to the Corporate Trustee with a copy to the Company, specifying the removal and the date when it shall take effect.
Removal of Corporate Trustee. Any corporate Trustee may be removed as a Trustee of any trust created herein by a majority in interest of those beneficiaries entitled to receive distributions of income from the trust as to which removal is sought regardless of whether such income distributions are absolute or in the discretion of the Trustee. The right of removal may be exercised by adult beneficiaries, by the parents or legally appointed guardians of the person of any beneficiaries who may not have attained the age of majority at the time of exercise of the right of removal or by the legally appointed guardians or conservators of any adult beneficiaries. Such removal may be made with or without cause and without any necessity of court proceedings upon giving thirty (30) days’ prior written notice to such corporate Trustee, and upon the succession to office of a successor corporate Trustee, which shall have been appointed by those same persons having the right of removal; provided that such successor corporate Trustee: (a) shall be a trust company, a national banking association with trust powers or a state bank with trust powers; (b) shall have been qualified to engage in the trust business for at least five (5) years immediately prior to such appointment; (c) shall have shareholders’ equity of at least One Million Dollars ($1,000,000.00); and (d) shall have assets, beneficially owned by others, under its management having a value of not less than Two Hundred Fifty Million Dollars ($250,000,000.00); and provided further, which neither the Settlor nor any beneficiary hereof shall own at the time of such appointment, directly or indirectly, in excess of ten percent (10%) of the value of the stock of such trust company, national banking association or state bank.
Removal of Corporate Trustee. Notwithstanding anything herein contained to the contrary, the Individual Trustees, acting by super-majority vote and with the consent of the Settlor, shall have the power from time to time to remove the Corporate Trustee (with or without cause). When the Corporate Trustee is serving as Individual Trustee, the Settlor shall have the power to remove the Corporate Trustee in both capacities.
