Selection of Successor Trustees. If any Trustee shall become disqualified to serve, die, resign, be removed, become incapacitated or refuse to act, a successor Trustee shall be appointed forthwith by written instrument signed by authorized representatives of the Association, District or Trustees authorized to appoint the successor. Any written instrument of appointment shall state the date appointment shall take effect, shall remain in effect through the unfinished term of the Trustee who is replaced, and shall be delivered to the District, the Association and the Secretary of the Trustees. If a successor Trustee shall fail to be appointed within 90 days after the position becomes vacant, then any remaining Trustee may petition the Colorado courts of competent jurisdiction to appoint a successor Trustee, which appointment shall be as fully effective as if made by the party originally entitled to appoint such Trustee and shall be considered to have been made on behalf of such party.
Appears in 4 contracts
Samples: Trust Agreement, Trust Agreement, Trust Agreement
