Removal or Incapacity Clause Samples
The Removal or Incapacity clause defines the procedures and consequences when a key individual, such as a director or officer, is removed from their position or becomes unable to fulfill their duties due to incapacity. Typically, this clause outlines the grounds for removal, the process for determining incapacity, and the steps for appointing a replacement. By establishing clear guidelines for these situations, the clause ensures continuity in management and helps prevent disputes or operational disruptions if a key person can no longer serve.
Removal or Incapacity. During the Grantor’s lifetime, he or she shall have the right to remove any Trustee. Should any Trustee hereunder become incapacitated, as determined pursuant to the Indenture or otherwise, such person shall cease to serve as Trustee and the office of Trustee shall be deemed vacant if no other Trustee is then serving.