Removal of Trustees. As provided in Section 7 of the Act, the governing body of each Participant may vote at will to remove one or more of the Trustees it appointed. A Trustee removed by a Participant will not be considered the appointee of that Participant but shall remain a member of the Board unless removed by a majority of the Participants. If a Participant elects to remove all of the Trustees it appointed, the Participant will be considered to have terminated its participation and withdrawn from this Participation Agreement. Any Trustee can be removed from the Board for all Participants for good cause by the action of at least two-thirds (2/3) of the remaining Trustees.
Appears in 4 contracts
Samples: Participation Agreement, Participation Agreement, Participation Agreement
Removal of Trustees. As provided in Section 7 of the Act, the governing body of each Participant may vote vote, at will will, to remove one or more of the Trustees it appointed. A Trustee removed by a Participant will not be considered the appointee of that Participant Participant, but shall remain a member of the Board unless removed by a majority of the Participants. If a Participant elects to remove all of the Trustees it appointed, the Participant will be considered to have terminated its participation and withdrawn from this Participation Agreement. Any Trustee can be removed from the Board for all Participants for good cause by the action of at least two-thirds (2/3) of the remaining Trustees.
Appears in 2 contracts
