Common use of Term of Office and Qualifications Clause in Contracts

Term of Office and Qualifications. Except as otherwise provided by law, the Declaration of Trust of these by-laws, the President, the Treasurer and the Secretary shall each hold office until his successor shall have been duly elected and qualified or until his or her earlier death, resignation or removal, and all other officers shall hold office at the pleasure of the Trustees. Any person may hold one or more offices of the Trust except the offices of President and Vice-President, but no officer shall execute, acknowledge, or verify an instrument in more than one capacity, if such instrument is required by law, by the Declaration of Trust, or by these By-Laws to be executed, acknowledged or verified by two or more officers. The Chairman of the Board, if any, shall be chosen from among the Trustees of the Trust and may hold such office only so long as he continues to be a Trustee. No other officer need be a Trustee.