The Board of Trustees. Section 1. NUMBER, ELECTION, TERM, REMOVAL AND RESIGNATION. (a) The initial Board of Trustees shall be comprised of the Trustees entering into this Declaration of Trust on the date first written above, who shall hold office until the initial holder of a Share executes a consent in writing to elect a Board of Trustees that holds office in accordance with paragraph (c) of this Section 1. The initial Trustees shall (i) execute and file or cause to be filed the Certificate of Trust with the office of the Secretary of State of the State of Delaware and (ii) adopt the By-Laws. In accordance with Section 3801 of the DSTA, each Trustee shall become a Trustee and be bound by this Declaration of Trust and the By-Laws when such Person signs this Declaration of Trust as a trustee and/or is duly elected or appointed, qualified and serving on the Board of Trustees in accordance with the provisions hereof and the By-Laws, so long as such signatory or other Person continues in office in accordance with the terms hereof. (b) The number of Trustees constituting the entire Board of Trustees may be fixed from time to time by the vote of a majority of the then Board of Trustees; PROVIDED, HOWEVER, that the number of Trustees shall in no event be less than one (1) nor more than fifteen (15). The number of Trustees shall not be reduced so as to shorten the term of any Trustee then in office. (c) Each Trustee shall hold office for the lifetime of the Trust or until such Trustee's earlier death, resignation, removal, retirement or inability otherwise to serve, or, if sooner than any of such events, until the next meeting of Shareholders called for the purpose of electing Trustees or consent of Shareholders in lieu thereof for the election of Trustees, and until the election and qualification of his or her successor. (d) Any Trustee may be removed, with or without cause, by the Board of Trustees, by action of a majority of the Trustees then in office, or by vote of the Shareholders at any meeting called for that purpose. (e) Any Trustee may resign at any time by giving written notice to the secretary of the Trust or to a meeting of the Board of Trustees. Such resignation shall be effective upon receipt, unless specified to be effective at some later time.
Appears in 5 contracts
Samples: Trust Agreement (Franklin Custodian Funds Inc), Agreement and Declaration of Trust (Templeton Global Investment Trust), Agreement and Declaration of Trust (Templeton Global Investment Trust)
The Board of Trustees. Section 1. .. NUMBER, CLASSES AND ELECTION, TERM, REMOVAL AND ------------------------------------------------ RESIGNATION.. -----------
(a) The initial Board of Trustees shall be comprised of the Trustees Trustee entering into this Declaration of Trust on the date first written above, who shall hold office until the initial holder of a Share executes a consent in writing to elect a Board of Trustees that is classified and holds office in accordance with paragraph (c) of this Section 1. The initial Trustees Trustee shall (i) execute and file or cause to be filed the Certificate of Trust with the office of the Secretary of State of the State of Delaware and (ii) execute a consent in writing to adopt the By-Laws. In accordance with Section 3801 of the DSTA, each Each person hereafter elected or appointed as Trustee shall become execute a Trustee and be bound by counterpart to this Declaration of Trust and the By-Laws when such Person signs this Declaration of Trust as a trustee and/or is duly elected or appointed, qualified and serving on the Board of Trustees in accordance with the provisions hereof and the By-Laws, so long as such signatory or other Person continues in office in accordance with the terms hereofTrust.
(b) The number of Trustees constituting the entire Board of Trustees may be fixed from time to time by the vote of a majority of the then Board of Trustees; PROVIDED, HOWEVER, that the number of Trustees shall in no event be less than one three (13) nor more than fifteen (15)) and the percentage of Trustees who are not Interested Persons of the Trust shall be no less than that permitted by the 1940 Act. The number of Trustees shall not be reduced so as to shorten the term of any Trustee then in office.
(c) The Board of Trustees (other than the initial Board of Trustees established pursuant to paragraph (a) of this Section 1) shall be divided into three (3) classes, with the term of office of one class expiring each year. Upon the written consent of the initial Shareholder, Trustees of the first class shall be elected to hold office for a term expiring at the next succeeding annual meeting at the time such Trustees' successors are elected and qualified; Trustees of the second class shall be elected to hold office for a term expiring at the second succeeding annual meeting at the time such Trustees' successors are elected and qualified; and Trustees of the third class shall be elected to hold office for a term expiring at the third succeeding annual meeting at the time such Trustees' successors are elected and qualified. Thereafter, at each annual meeting of Shareholders, the successors to the class of Trustees whose term shall then expire shall be elected to hold office for a term expiring at the third succeeding annual meeting.
(d) Each Trustee shall hold office for the lifetime applicable term set forth in paragraph (c) of the Trust this Section 1 or until such Trustee's earlier death, resignation, removal, retirement removal or inability otherwise to serve, or, if sooner than any of such events, until the next meeting of Shareholders called for the purpose of electing Trustees or consent of Shareholders in lieu thereof for the election of Trustees, and until the election and qualification of his or her successor.
(d) Any Trustee may be removed, with or without cause, by the Board of Trustees, by action of a majority of the Trustees then in office, or by vote of the Shareholders at any meeting called for that purpose.
(e) Any Trustee may resign at any time be removed for cause by giving written notice to the secretary Shareholders, upon the vote of the Trust or to a meeting holders of 75% of the Board Shares entitled to vote. "Cause" for these purposes shall require willful misfeasance, bad faith, gross negligence or reckless disregard of Trustees. Such resignation shall be effective upon receipt, unless specified to be effective at some later timethe duties involved in the conduct of such Trustee.
Appears in 4 contracts
Samples: Trust Agreement (Franklin Templeton High Yield Trust), Trust Agreement (Franklin Templeton Strategic Income Trust), Trust Agreement (Franklin Templeton Strategic Income Trust)
The Board of Trustees. Section 1. NUMBER, ELECTION, TERM, REMOVAL AND RESIGNATION.
(a) The initial Board of Trustees shall be comprised of the Trustees entering into this Declaration of Trust on the date first written above, who shall hold office until the initial holder of a Share executes a consent in writing to elect a Board of Trustees that holds office in accordance with paragraph (c) of this Section 1. The initial Trustees shall (i) execute and file or cause to be filed the Certificate of Trust with the office of the Secretary of State of the State of Delaware and (ii) adopt the By-Laws. In accordance with Section 3801 of the DSTA, each Each Trustee shall become execute a Trustee and be bound by counterpart to this Declaration of Trust and the By-Laws when such Person signs this Declaration of Trust as a trustee and/or is duly elected or appointed, qualified and serving on the Board of Trustees in accordance with the provisions hereof and the By-Laws, so long as such signatory or other Person continues in office in accordance with the terms hereofTrust.
(b) The number of Trustees constituting the entire Board of Trustees may be fixed from time to time by the vote of a majority of the then Board of Trustees; PROVIDED, HOWEVER, that the number of Trustees shall in no event be less than one (1) nor more than fifteen (15)) and the percentage of Trustees who are not Interested Persons of the Trust shall be no less than that permitted by the 1940 Act. The number of Trustees shall not be reduced so as to shorten the term of any Trustee then in office.
(c) Each Trustee shall hold office for the lifetime of the Trust or until such Trustee's earlier death, resignation, removal, retirement removal or inability otherwise to serve, or, if sooner than any of such events, until the next meeting of Shareholders called for the purpose of electing Trustees or consent of Shareholders in lieu thereof for the election of Trustees, and until the election and qualification of his or her successor.
(d) Any Trustee may be removed, with or without cause, by the Board of Trustees, by action of a majority of the Trustees then in office, or Trustees. Shareholders shall have the power to remove a Trustee only to the extent provided by vote of the Shareholders at any meeting called for that purpose1940 Act.
(e) Any Trustee may resign at any time by giving written notice to the secretary of the Trust or to a meeting of the Board of Trustees. Such resignation shall be effective upon receipt, unless specified to be effective at some later time.
Appears in 3 contracts
Samples: Trust Agreement (Templeton Developing Markets Trust), Trust Agreement (Templeton China World Fund Inc), Trust Agreement (Templeton Global Smaller Companies Fund Inc)
The Board of Trustees. Section SECTION 1. NUMBER, ELECTION, TERM, REMOVAL AND RESIGNATION.
(a) The initial Board of Trustees shall be comprised of the Trustees entering into this Declaration of Trust on the date first written above, who shall hold office until the initial holder of a Share executes a consent in writing to elect a Board of Trustees that holds office in accordance with paragraph (c) of this Section 1. The Any one or more of the initial Trustees shall (i) execute and file or cause to be filed the Certificate of Trust with the office of the Secretary of State of the State of Delaware and (ii) adopt the By-Laws. In accordance with Section 3801 of the DSTA, each Trustee shall become a Trustee and be bound by this Declaration of Trust and the By-Laws when such Person signs this Declaration of Trust as a trustee and/or is duly elected or appointed, qualified and serving on the Board of Trustees in accordance with the provisions hereof and the By-Laws, so long as such signatory or other Person continues in office in accordance with the terms hereof.
(b) The number of Trustees constituting the entire Board of Trustees may be fixed from time to time by the vote of a majority of the then Board of Trustees; PROVIDEDprovided, HOWEVERhowever, that DT1 931951v4 08/11/11 the number of Trustees shall in no event be less than one (1) nor more than fifteen (15). The number of Trustees shall not be reduced so as to shorten the term of any Trustee then in office.
(c) Each Trustee shall hold office for the lifetime of the Trust or until such Trustee's ’s earlier death, resignation, removal, retirement or inability otherwise to serve, or, if sooner than any of such events, until the next meeting of Shareholders called for the purpose of electing Trustees or consent of Shareholders in lieu thereof for the election of Trustees, and until the election and qualification of his or her successor.
(d) Any Trustee may be removed, with or without cause, by the Board of Trustees, by action of a majority of the Trustees then in office, or by vote of the Shareholders at any meeting called for that purpose.
(e) Any Trustee may resign at any time by giving written notice to the secretary of the Trust or to a meeting of the Board of Trustees. Such resignation shall be effective upon receipt, unless specified to be effective at some later time.
Appears in 3 contracts
Samples: Trust Agreement (Manor Investment Funds Inc), Trust Agreement (Manor Investment Funds Inc), Trust Agreement (Manor Investment Funds Inc)
The Board of Trustees. Section 1. NUMBER, ELECTION, TERM, REMOVAL AND RESIGNATION.. -----------------------------------------------
(a) The initial Board of Trustees shall be comprised of the Trustees entering into this Declaration of Trust on the date first written above, who shall hold office until the initial holder of a Share executes a consent in writing to elect a Board of Trustees that holds office in accordance with paragraph (c) of this Section 1. The initial Trustees shall (i) execute and file or cause to be filed the Certificate of Trust with the office of the Secretary of State of the State of Delaware and (ii) adopt the By-Laws. In accordance with Section 3801 of the DSTA, each Trustee shall become a Trustee and be bound by this Declaration of Trust and the By-Laws when such Person signs this Declaration of Trust as a trustee and/or is duly elected or appointed, qualified and serving on the Board of Trustees in accordance with the provisions hereof and the By-Laws, so long as such signatory or other Person continues in office in accordance with the terms hereof.
(b) The number of Trustees constituting the entire Board of Trustees may be fixed from time to time by the vote of a majority of the then Board of Trustees; PROVIDED, HOWEVER, that the number of Trustees shall in no event be less than one (1) nor more than fifteen (15). The number of Trustees shall not be reduced so as to shorten the term of any Trustee then in office.
(c) Each Trustee shall hold office for the lifetime of the Trust or until such Trustee's earlier death, resignation, removal, retirement or inability otherwise to serve, or, if sooner than any of such events, until the next meeting of Shareholders called for the purpose of electing Trustees or consent of Shareholders in lieu thereof for the election of Trustees, and until the election and qualification of his or her successor.
(d) Any Trustee may be removed, with or without cause, by the Board of Trustees, by action of a majority of the Trustees then in office, or by vote of the Shareholders at any meeting called for that purpose.
(e) Any Trustee may resign at any time by giving written notice to the secretary of the Trust or to a meeting of the Board of Trustees. Such resignation shall be effective upon receipt, unless specified to be effective at some later time.
Appears in 3 contracts
Samples: Agreement and Declaration of Trust (Franklin Strategic Mortgage Portfolio), Agreement and Declaration of Trust (Franklin Global Trust), Agreement and Declaration of Trust (Franklin High Income Trust)
The Board of Trustees. Section 1. NUMBER, CLASSES AND ELECTION, TERM, REMOVAL AND RESIGNATION.
(a) The initial Board of Trustees shall be comprised of the Trustees entering into this Declaration of Trust on the date first written above, who shall hold office until the initial holder of a Share executes a consent in writing to elect a Board of Trustees that is classified and holds office in accordance with paragraph (c) of this Section 1. The initial Trustees shall (i) execute and file or cause to be filed the Certificate of Trust with the office of the Secretary of State of the State of Delaware and (ii) adopt the By-Laws. In accordance with Section 3801 of the DSTA, each Each Trustee shall become execute a Trustee and be bound by counterpart to this Declaration of Trust and the By-Laws when such Person signs this Declaration of Trust as a trustee and/or is duly elected or appointed, qualified and serving on the Board of Trustees in accordance with the provisions hereof and the By-Laws, so long as such signatory or other Person continues in office in accordance with the terms hereofTrust.
(b) The number of Trustees constituting the entire Board of Trustees may be fixed from time to time by the vote of a majority of the then Board of Trustees; PROVIDED, HOWEVER, that the number of Trustees shall in no event be less than one three (13) nor more than fifteen (15)) and the percentage of Trustees who are not Interested Persons of the Trust shall be no less than that permitted by the 1940 Act. The number of Trustees shall not be reduced so as to shorten the term of any Trustee then in office.
(c) The Board of Trustees (other than the initial Board of Trustees established pursuant to paragraph (a) of this Section 1) shall be divided into three (3) classes, with the term of office of one class expiring each year. Upon the written consent of the initial Shareholder, Trustees of the first class shall be elected to hold office for a term expiring at the next succeeding annual meeting at the time such Trustees' successors are elected and qualified; Trustees of the second class shall be elected to hold office for a term expiring at the second succeeding annual meeting at the time such Trustees' successors are elected and qualified; and Trustees of the third class shall be elected to hold office for a term expiring at the third succeeding annual meeting at the time such Trustees' successors are elected and qualified. Thereafter, at each annual meeting of Shareholders, the successors to the class of Trustees whose term shall then expire shall be elected to hold office for a term expiring at the third succeeding annual meeting.
(d) Each Trustee shall hold office for the lifetime applicable term set forth in paragraph (c) of the Trust this Section 1 or until such Trustee's earlier death, resignation, removal, retirement removal or inability otherwise to serve, or, if sooner than any of such events, until the next meeting of Shareholders called for the purpose of electing Trustees or consent of Shareholders in lieu thereof for the election of Trustees, and until the election and qualification of his or her successor.
(de) Any Trustee may be removed, with or without cause, by the Board of TrusteesShareholders, by action of a majority of upon the Trustees then in office, or by vote of the Shareholders holders of at any meeting called for that purposeleast seventy-five percent (75%) of the Shares entitled to vote.
(ef) Any Trustee may resign at any time by giving written notice to the secretary of the Trust or to a meeting of the Board of Trustees. Such resignation shall be effective upon receipt, unless specified to be effective at some later time, but no later than the next succeeding annual meeting of Shareholders.
Appears in 2 contracts
Samples: Trust Agreement (Templeton Emerging Markets Income Fund Inc), Trust Agreement (Templeton Global Income Fund Inc)
The Board of Trustees. Section 1. NUMBER, ELECTION, TERM, REMOVAL AND RESIGNATION.
(a) The initial Board Powers Subject to the provisions of Trustees shall be comprised of the Trustees entering into this Declaration of Trust on Trust, the date first written above, who shall hold office until the initial holder of a Share executes a consent in writing to elect a Board of Trustees that holds office in accordance with paragraph (c) of this Section 1. The initial Trustees shall (i) execute and file or cause to be filed the Certificate of Trust with the office of the Secretary of State of the State of Delaware and (ii) adopt the By-Laws. In accordance with Section 3801 of the DSTA, each Trustee shall become a Trustee and be bound by this Declaration of Trust and the By-Laws when such Person signs this Declaration of Trust as a trustee and/or is duly elected or appointed, qualified and serving on the Board of Trustees in accordance with the provisions hereof and the By-Laws, so long as such signatory or other Person continues in office in accordance with the terms hereof.
(b) The number of Trustees constituting the entire Board of Trustees may be fixed from time to time by the vote of a majority of the then Board of Trustees; PROVIDED, HOWEVER, that the number of Trustees shall in no event be less than one (1) nor more than fifteen (15). The number of Trustees shall not be reduced so as to shorten the term of any Trustee then in office.
(c) Each Trustee shall hold office for the lifetime business of the Trust or until such Trustee's earlier death, resignation, removal, retirement or inability otherwise to serve, or, if sooner than any of such events, until the next meeting of Shareholders called for the purpose of electing Trustees or consent of Shareholders in lieu thereof for the election of Trustees, and until the election and qualification of his or her successor.
(d) Any Trustee may shall be removed, with or without cause, managed by the Board of Trustees, and such Board of Trustees shall have all powers necessary or convenient to carry out that responsibility, including, without limitation, the power to engage in securities or other transactions of all kinds on behalf of the Trust. The Board of Trustees shall have full power and authority to do any and all acts and to make and execute any and all contracts and instruments that it may consider necessary or appropriate in connection with the administration of the Trust. The Trustees shall not be bound or limited by present or future laws or customs with regard to investment by trustees or fiduciaries, but shall have full authority and absolute power and control over the assets of the Trust and the business of the Trust to the same extent as if the Trustees were the sole owners of the assets and business of the Trust in their own right, including such authority, power and control to do all acts and things as they, in their sole discretion, shall deem proper to accomplish the purposes of this Trust. Without limiting the foregoing, the Trustees may (1) adopt, amend and repeal By-Laws, not inconsistent with this Declaration of Trust, that provide for the regulation and management of the affairs of the Trust; (2) fill vacancies in or remove from their number in accordance with this Declaration of Trust or the By-Laws, and may elect and remove such officers and appoint and terminate such agents as they consider appropriate; (3) appoint from their own number and establish and terminate one or more committees consisting of two or more Trustees which may exercise the powers and authority of the Board of Trustees to the extent that the Board of Trustees determine; (4) employ one or more custodians of the Trust Property and may authorize such custodians to employ subcustodians and to deposit all or any part of such Trust Property in a system or systems for the central handling of securities or with a Federal Reserve Bank; (5) retain a transfer agent, dividend disbursing agent, a shareholder servicing agent or administrative services agent, or all of them; (6) provide for the issuance and distribution of Shares by the Trust directly or through one or more Principal Underwriters or otherwise; (7) retain one or more Investment Advisers; (8) redeem, repurchase or transfer Shares pursuant to applicable law; (9) set record dates for the determination of Shareholders with respect to various matters, in the manner provided in the By-Laws; (10) declare and pay dividends and distributions to Shareholders from the Trust Property; (11) establish from time to time, in accordance with the provisions of Article III, Section 6 hereof, any Series or class of Shares, each such Series to operate as a separate and distinct investment medium and with separately defined investment objectives and policies and distinct investment purposes; and (12) in general, delegate such authority as they consider desirable to any officer of the Trust, any committee of the Board of Trustees, any agent or employee of the Trust, or any such custodian, transfer agent, dividend disbursing agent, shareholder servicing agent, administrative services agent, Principal Underwriter or Investment Adviser. Any determination as to what is in the best interests of the Trust made by the Board of Trustees in good faith shall be conclusive. In construing the provisions of this Declaration of Trust, the presumption shall be in favor of a grant of power to the Trustees. Unless otherwise specified herein or required by law, any action by the Board of Trustees shall be deemed effective if approved or taken by a majority of the Trustees then in office. Any action required or permitted to be taken by the Board of Trustees, or by vote a committee thereof, may be taken without a meeting if a majority of the Shareholders at any meeting called for that purpose.
(e) Any Trustee may resign at any time by giving written notice to the secretary of the Trust or to a meeting members of the Board of Trustees, or committee thereof, as the case may be, shall individually or collectively consent in writing to that action. Such resignation action by written consent shall have the same force and effect as a majority vote of the Board of Trustees, or committee thereof, as the case may be. Such written consent or consents shall be effective upon receiptfiled with the minutes of the proceedings of the Board of Trustees, unless specified or committee thereof, as the case may be. The Trustees shall devote to the affairs of the Trust such time as may be effective at some later timenecessary for the proper performance of their duties hereunder, but the Trustees are not expected to devote their full time to the performance of such duties. The Trustees, or any Affiliate partner or employee thereof, may engage in, or possess an interest in, any other business or venture of any nature and description, independently or with or for the account of others.
Appears in 2 contracts
Samples: Trust Agreement (Fort Pitt Capital Funds), Trust Agreement (Igam Group Funds)
The Board of Trustees. Section 1. NUMBER, ELECTION, TERM, REMOVAL AND RESIGNATION.. -----------------------------------------------
(a) The initial Board of Trustees shall be comprised of the Trustees entering into this Declaration of Trust on the date first written above, who shall hold office until the initial holder of a Share executes a consent in writing to elect a Board of Trustees that holds office in accordance with paragraph (c) of this Section 1. The initial Trustees shall (i) execute and file or cause to be filed the Certificate of Trust with the office of the Secretary of State of the State of Delaware and (ii) adopt the By-Laws. In accordance with Section 3801 of the DSTA, each Trustee shall become a Trustee and be bound by this Declaration of Trust and the By-Laws when such Person signs this Declaration of Trust as a trustee and/or is duly elected or appointed, qualified and serving on the Board of Trustees in accordance with the provisions hereof and the By-Laws, so long as such signatory or other Person continues in office in accordance with the terms hereof.
(b) The number of Trustees constituting the entire Board of Trustees may be fixed from time to time by the vote of a majority of the then Board of Trustees; PROVIDED, HOWEVER, that the number of Trustees shall in no event be less than one (1) nor more than fifteen (15). The number of Trustees shall not be reduced so as to shorten the term of any Trustee then in office.
(c) Each Trustee shall hold office for the lifetime of the Trust or until such Trustee's earlier death, resignation, removal, retirement or inability otherwise to serve, or, if sooner than any of such events, until the next meeting of Shareholders called for the purpose of electing Trustees or consent of Shareholders in lieu thereof for the election of Trustees, and until the election and qualification of his or her successor.
(d) Any Trustee may be removed, with or without cause, by the Board of Trustees, by action of a majority of the Trustees then in office, or by vote of the Shareholders at any meeting called for that purpose.
(e) Any Trustee may resign at any time by giving written notice to the secretary of the Trust or to a meeting of the Board of Trustees. Such resignation shall be effective upon receipt, unless specified to be effective at some later time.
Appears in 2 contracts
Samples: Trust Agreement (Institutional Fiduciary Trust), Trust Agreement (Franklin Templeton Variable Insurance Products Trust)
The Board of Trustees. Section 1. NUMBER, ELECTION, TERM, REMOVAL AND RESIGNATION.. -----------------------------------------------
(a) The initial Board of Trustees shall be comprised of the Trustees entering into this Declaration of Trust on the date first written above, who shall hold office until the initial holder of a Share executes a consent in writing to elect a Board of Trustees that holds office in accordance with paragraph (c) of this Section 1. The initial Trustees shall (i) execute and file or cause to be filed the Certificate of Trust with the office of the Secretary of State of the State of Delaware and (ii) adopt the By-Laws. In accordance with Section 3801 of the DSTA, each Trustee shall become a Trustee and be bound by this Declaration of Trust and the By-Laws when such Person signs this Declaration of Trust as a trustee and/or is duly elected or appointed, qualified and serving on the Board of Trustees in accordance with the provisions hereof and the By-Laws, so long as such signatory or other Person continues in office in accordance with the terms hereof.
(b) The number of Trustees constituting the entire Board of Trustees may be fixed from time to time by the vote of a majority of the then Board of Trustees; PROVIDED, HOWEVER, that the number of Trustees shall in no event be less than one (1) nor more than fifteen (15). The number of Trustees shall not be reduced so as to shorten the term of any Trustee then in office.
(c) Each Trustee shall hold office for the lifetime of the Trust or until such Trustee's earlier death, resignation, removal, retirement or inability otherwise to serve, or, if sooner than any of such events, until the next meeting of Shareholders called for the purpose of electing Trustees or consent of Shareholders in lieu thereof for the election of Trustees, and until the election and qualification of his or her successor.
(d) Any Trustee may be removed, with or without cause, by the Board of or Trustees, by action of a majority of the Trustees then in office, or by the Shareholders, upon the vote of the Shareholders at any meeting called for that purposeholders of 75% of the Shares entitled to vote.
(e) Any Trustee may resign at any time by giving written notice to the secretary of the Trust or to a meeting of the Board of Trustees. Such resignation shall be effective upon receipt, unless specified to be effective at some later time.
Appears in 1 contract
Samples: Agreement and Declaration of Trust (Franklin Mutual Recovery Fund)
The Board of Trustees. Section 1. NUMBER, CLASSES AND ELECTION, TERM, REMOVAL AND RESIGNATION.
(a) The initial Board of Trustees shall be comprised of the Trustees entering into this Declaration of Trust on the date first written above, who shall hold office until the initial holder of a Share executes a consent in writing to elect a Board of Trustees that is classified and holds office in accordance with paragraph (c) of this Section 1. The initial Trustees shall (i) execute and file or cause to be filed the Certificate of Trust with the office of the Secretary of State of the State of Delaware and (ii) shall execute a consent or consents in writing to adopt the By-Laws. In accordance with Section 3801 of the DSTA, each Each Trustee shall become execute a Trustee and be bound by counterpart to this Declaration of Trust and the By-Laws when such Person signs this Declaration of Trust as a trustee and/or is duly elected or appointed, qualified and serving on the Board of Trustees in accordance with the provisions hereof and the By-Laws, so long as such signatory or other Person continues in office in accordance with the terms hereofTrust.
(b) The number of Trustees constituting the entire Board of Trustees may be fixed from time to time by the vote of a majority of the then Board of Trustees; PROVIDED, HOWEVER, that the number of Trustees shall in no event be less than one three (13) nor more than fifteen (15)) and the percentage of Trustees who are not Interested Persons of the Trust shall be no less than that permitted by the 1940 Act. The number of Trustees shall not be reduced so as to shorten the term of any Trustee then in office.
(c) The Board of Trustees (other than the initial Board of Trustees established pursuant to paragraph (a) of this Section 1) shall be divided into three (3) classes, with the term of office of one class expiring each year. Upon the written consent of the initial Shareholder, Trustees of the first class shall be elected to hold office for a term expiring at the next succeeding annual meeting at the time such Trustees' successors are elected and qualified; Trustees of the second class shall be elected to hold office for a term expiring at the second succeeding annual meeting at the time such Trustees' successors are elected and qualified; and Trustees of the third class shall be elected to hold office for a term expiring at the third succeeding annual meeting at the time such Trustees' successors are elected and qualified. Thereafter, at each annual meeting of Shareholders, the successors to the class of Trustees whose term shall then expire shall be elected to hold office for a term expiring at the third succeeding annual meeting.
(d) Each Trustee shall hold office for the lifetime applicable term set forth in paragraph (c) of the Trust this Section 1 or until such Trustee's earlier death, resignation, removal, retirement removal or inability otherwise to serve, or, if sooner than any of such events, until the next meeting of Shareholders called for the purpose of electing Trustees or consent of Shareholders in lieu thereof for the election of Trustees, and until the election and qualification of his or her successor.
(de) Any Trustee may be removed, with or without cause, by the Board of TrusteesShareholders, by action of a majority of upon the Trustees then in office, or by vote of the Shareholders at any meeting called for that purposeholders of 75% of the Shares entitled to vote.
(ef) Any Trustee may resign at any time by giving written notice to the secretary of the Trust or to a meeting of the Board of Trustees. Such resignation shall be effective upon receipt, unless specified to be effective at some later time, but no later than the next succeeding annual meeting of Shareholders.
Appears in 1 contract
Samples: Trust Agreement (Templeton Emerging Markets Fund Inc)
The Board of Trustees. Section 1. 1 NUMBER, ELECTION, TERM, REMOVAL AND RESIGNATION.
(a) The initial Board of Trustees shall be comprised of the Trustees entering into this Declaration of Trust on the date first written above, who shall hold office until the initial holder of a Share executes a consent in writing to elect a Board of Trustees that holds office in accordance with paragraph (c) of this Section 1. The initial Trustees shall (i) execute and file or cause to be filed the Certificate of Trust with the office of the Secretary of State of the State of Delaware and (ii) adopt the By-Laws. In accordance with Section 3801 of the DSTA, each Trustee shall become a Trustee and be bound by this Declaration of Trust and the By-Laws when such Person signs this Declaration of Trust as a trustee and/or is duly elected or appointed, qualified and serving on the Board of Trustees in accordance with the provisions hereof and the By-Laws, so long as such signatory or other Person continues in office in accordance with the terms hereof.
(b) The number of Trustees constituting the entire Board of Trustees may be fixed from time to time by the vote of a majority of the then Board of Trustees; PROVIDED, HOWEVER, that the number of Trustees shall in no event be less than one (1) nor more than fifteen (15). The number of Trustees shall not be reduced so as to shorten the term of any Trustee then in office.
(c) Each Trustee shall hold office for the lifetime of the Trust or until such Trustee's earlier death, resignation, removal, retirement or inability otherwise to serve, or, if sooner than any of such events, until the next meeting of Shareholders called for the purpose of electing Trustees or consent of Shareholders in lieu thereof for the election of Trustees, and until the election and qualification of his or her successor.
(d) Any Trustee may be removed, with or without cause, by the Board of Trustees, by action of a majority of the Trustees then in office, or by vote of the Shareholders at any meeting called for that purpose.
(e) Any Trustee may resign at any time by giving written notice to the secretary of the Trust or to a meeting of the Board of Trustees. Such resignation shall be effective upon receipt, unless specified to be effective at some later time.
Appears in 1 contract
Samples: Trust Agreement (Templeton Global Opportunities Trust)
The Board of Trustees. Section 1. NUMBERNumber, ELECTIONElection and Tenure. The initial Trustee shall be Xxxxxxx X. Xxxxxxxxx, TERMIII. For the avoidance of doubt, REMOVAL AND RESIGNATION.
(a) The such initial Trustee shall constitute the initial Board of Trustees shall be comprised of the Trustees entering into this Declaration of Trust on the date first written above, who shall hold office until the initial holder of a Share executes a consent in writing and may exercise all powers and authority granted to elect a Board of Trustees that holds office in accordance with paragraph (c) of this Section 1. The initial Trustees shall (i) execute and file or cause to be filed the Certificate of Trust with the office of the Secretary of State of the State of Delaware and (ii) adopt the By-Laws. In accordance with Section 3801 of the DSTA, each Trustee shall become a Trustee and be bound by this Declaration of Trust and the By-Laws when such Person signs this Declaration of Trust as a trustee and/or is duly elected or appointed, qualified and serving on the Board of Trustees in accordance with hereunder. Notwithstanding anything to the provisions hereof and contrary herein, prior to the By-Lawsfirst date on which Persons are admitted as Shareholders of the Trust, so long as the initial Trustee may appoint, by a written instrument signed by the initial Trustee, such signatory or other Person continues in office in accordance with or Persons to act as Trustees. Thereafter, the terms hereof.
(b) The number of Trustees constituting the entire Board of Trustees may shall be fixed from time to time by the vote of a written instrument signed, or by resolution approved at a duly constituted meeting, by a majority of the then Board of Trustees; PROVIDED, HOWEVERprovided, however, that the number of Trustees shall in no event be less than one (1) nor more than fifteen (15). Subject to the requirements of Section 16(a) of the 1940 Act, the Board of Trustees, by action of a majority of the then acting Trustees at a duly constituted meeting, may fill vacancies in the Board of Trustees or remove Trustees with or without cause. The Trustees may appoint a new Trustee as provided above in anticipation of a vacancy expected to occur because of the retirement, resignation or removal of a Trustee, or an increase in number of Trustees Trustees, provided that such appointment shall not be reduced so as to shorten become effective only when or after the term of any expected vacancy occurs and upon such Trustee then accepting his or her appointment in office.
(c) writing. Each Trustee shall hold office for serve during the continued lifetime of the Trust until he dies, resigns, is declared bankrupt or until such Trustee's earlier death, resignation, removal, retirement incompetent by a court of appropriate jurisdiction or inability otherwise to serveis removed, or, if sooner than any of such eventssooner, until the next meeting of Shareholders called for the purpose of electing Trustees or consent of Shareholders in lieu thereof for the election of Trustees, and until the election and qualification of his or her successor.
(d) Any Trustee may be removed, with or without cause, by the Board of Trustees, by action of a majority of the Trustees then in office, or by vote of the Shareholders at any meeting called for that purpose.
(e) . Any Trustee may resign at any time by giving written notice instrument signed by him and delivered to the secretary any officer of the Trust or to a meeting of the Board of Trustees. Such resignation shall be effective upon receipt, receipt unless specified to be effective at some later other time. Except to the extent expressly provided in a written agreement with the Trust, no Trustee resigning and no Trustee removed shall have any right to any compensation for any period following his resignation or removal, or any right to damages on account of such removal. Any Trustee may be removed at any meeting of Shareholders by a vote of two-thirds of the outstanding Shares of the Trust. A meeting of Shareholders for the purpose of electing or removing one or more Trustees may be called (i) by the Trustees upon their own vote, or (ii) upon the demand of Shareholders owning 10% or more of the Shares of the Trust in the aggregate.
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The Board of Trustees. Section 1. NUMBER, ELECTION, TERM, REMOVAL AND RESIGNATION.
(a) The initial Board of Trustees shall be comprised of the Trustees Trustee entering into this Declaration of Trust on the date first written above, who shall hold office until the initial holder of a Share executes a consent in writing to elect a Board of Trustees that holds office in accordance with paragraph (c) of this Section 1. The initial Trustees Trustee shall (i) execute and file or cause to be filed the Certificate of Trust with the office of the Secretary of State of the State of Delaware and (ii) shall execute a consent or consents in writing to adopt the By-Laws. In accordance with Section 3801 of the DSTA, each Each Trustee shall become execute a Trustee and be bound by counterpart to this Declaration of Trust and the By-Laws when such Person signs this Declaration of Trust as a trustee and/or is duly elected or appointed, qualified and serving on the Board of Trustees in accordance with the provisions hereof and the By-Laws, so long as such signatory or other Person continues in office in accordance with the terms hereofTrust.
(b) The number of Trustees constituting the entire Board of Trustees may be fixed from time to time by the vote of a majority of the then Board of Trustees; PROVIDED, HOWEVER, that the number of Trustees shall in no event be less than one (1) nor more than fifteen (15)) and the percentage of Trustees who are not Interested Persons of the Trust shall be no less than that permitted by the 1940 Act. The number of Trustees shall not be reduced so as to shorten the term of any Trustee then in office.
(c) Each Trustee shall hold office for the lifetime of the Trust or until such Trustee's earlier death, resignation, removal, retirement removal or inability otherwise to serve, or, if sooner than any of such events, until the next meeting of Shareholders called for the purpose of electing Trustees or consent of Shareholders in lieu thereof for the election of Trustees, and until the election and qualification of his or her successor.
(d) Any Trustee may be removed, with or without cause, by the Board of TrusteesShareholders, by action of a majority of upon the Trustees then in office, or by vote of the Shareholders at any meeting called for that purposeholders of 75% of the Shares entitled to vote.
(e) Any Trustee may resign at any time by giving written notice to the secretary of the Trust or to a meeting of the Board of Trustees. Such resignation shall be effective upon receipt, unless specified to be effective at some later time.
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The Board of Trustees. Section 13.1 The Trust Fund and the Plan shall be administered in accordance with the provisions of this Agreement, the Plan and all governing legislation by the Board of Trustees. NUMBER, ELECTION, TERM, REMOVAL AND RESIGNATION.
(a) The initial Board of Trustees shall be comprised of between five and eleven members.
3.2 An even number of Trustees between four and ten shall be appointed by the Church. No person shall be eligible to serve as a Trustee if he or she is an employee of the Church or of an Employer or if he or she is otherwise involved in the governance of the Plan. One other Trustee shall be appointed by the mutual agreement of Trustees entering into appointed by the Church.
3.3 Each Trustee, upon the execution of this Declaration Agreement or, in the case of a successor Trustee, after signing an Acceptance of Trust in the form set forth in Schedule 2 attached hereto, shall be deemed to accept the trusts created and established by this Agreement and to consent to act as a Trustee.
3.4 Each Trustee shall be appointed to a term not to exceed three years, although a Trustee, may be reappointed to successive terms not to exceed three years at a time.
3.5 A Trustee may by deed resign from his or her appointment. In the event of the incapacity or resignation by deed of a Trustee, such Trustee shall be fully discharged from all future duties and responsibilities in respect of this Agreement and the trusts created under it. Notice of such incapacity or resignation shall be in writing by him or her, or on his or her behalf, and be sent to the Unit Leader, Ministry and Employment Policies and Services. Such notice shall state the date first written above, who of such resignation or incapacity and shall hold office until be effective as of that date. In the initial holder event of the death of a Share executes Trustee, his or her heirs, administrators, executors and assigns shall be fully discharged from all future duties and responsibilities in respect of this Agreement and the trusts created under it as of the date of death.
3.6 Subject to this Section, the Church may, upon sending written notice to the Unit Leader, Ministry and Employment Policies and Services, remove any Trustee at any time. Such removed Trustee shall be deemed to no longer be a consent Trustee, effective as of the date the notice is delivered, and shall be fully discharged from all future duties and responsibilities in writing to elect a Board respect of Trustees this Agreement and the trusts created under it.
3.7 In the event that holds office any Trustee shall die, become incapacitated, resign or be removed in accordance with paragraph (c) of this Section 1Agreement, a successor trustee shall be designated by the Church as soon as possible thereafter. The initial Trustees Any successor Trustee so designated shall (i) execute and file or cause to be filed the Certificate immediately, upon written Acceptance of Trust in the form set out in Schedule 2 to this Agreement being filed with the office of the Secretary of State of the State of Delaware and (ii) adopt the By-Laws. In accordance with Section 3801 of the DSTA, each Trustee shall become a Trustee and be bound by this Declaration of Trust and the By-Laws when such Person signs this Declaration of Trust as a trustee and/or is duly elected or appointed, qualified and serving on the Board of Trustees in accordance and the Unit Leader, Ministry and Employment Policies and Services become vested with all of the rights, powers and duties of a trustee under this Agreement, with the provisions hereof and like effect as if he or she had originally been named as a Trustee.
(a) The Trustees shall appoint a Chair from their membership who shall chair the By-Laws, so long as such signatory or other Person continues in office in accordance with meetings of the terms hereofBoard of Trustees.
(b) The number term of Trustees constituting the entire Board of Trustees may Chair shall be fixed from time to time two years, unless otherwise resolved by the vote of a majority of the then Board of Trustees; PROVIDED, HOWEVER, that the number of Trustees shall in no event be less than one (1) nor more than fifteen (15). The number of Trustees shall not be reduced so as to shorten the term of any Trustee then in office.
(c) Each Trustee shall hold office for the lifetime of the Trust or until such Trustee's earlier death, resignation, removal, retirement or inability otherwise to serve, or, if sooner than any of such events, until the next meeting of Shareholders called for the purpose of electing Trustees or consent of Shareholders in lieu thereof for the election 3.9 The Board of Trustees, and until the election and qualification of his or her successor.
(d) Any Trustee may be removed, with or without cause, by the Board of Trustees, by action of a majority each of the Trustees then acting in office, or by vote said capacity shall at all times act in the best interests of the Shareholders at any meeting called for that purpose.
(e) Any Trustee may resign at any time by giving written notice to Members and the secretary beneficiaries of the Plan and the Trust or to a meeting Fund, even where such interests may conflict with the desires and the interests of the Board of Trustees. Such resignation shall be effective upon receiptChurch, unless specified to be effective at some later timeany individual Employer or Member.
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Samples: Trust Agreement
The Board of Trustees. Section 1. NUMBER, ELECTION, TERM, REMOVAL AND RESIGNATION.. ------------------------------------------------
(a) The initial Board of Trustees shall be comprised of the Trustees entering into this Declaration of Trust on the date first written above, who shall hold office until the initial holder of a Share executes a consent in writing to elect a Board of Trustees that holds office in accordance with paragraph (c) of this Section 1. The initial Trustees shall (i) execute and file or cause to be filed the Certificate of Trust with the office of the Secretary of State of the State of Delaware and (ii) adopt the By-Laws. In accordance with Section 3801 of the DSTA, each Trustee shall become a Trustee and be bound by this Declaration of Trust and the By-Laws when such Person signs this Declaration of Trust as a trustee and/or is duly elected or appointed, qualified and serving on the Board of Trustees in accordance with the provisions hereof and the By-Laws, so long as such signatory or other Person continues in office in accordance with the terms hereof.
(b) The number of Trustees constituting the entire Board of Trustees may be fixed from time to time by the vote of a majority of the then Board of Trustees; PROVIDED, HOWEVER, that the number of Trustees shall in no event be less than one (1) nor more than fifteen (15). The number of Trustees shall not be reduced so as to shorten the term of any Trustee then in office.
(c) Each Trustee shall hold office for the lifetime of the Trust or until such Trustee's earlier death, resignation, removal, retirement or inability otherwise to serve, or, if sooner than any of such events, until the next meeting of Shareholders called for the purpose of electing Trustees or consent of Shareholders in lieu thereof for the election of Trustees, and until the election and qualification of his or her successor.
(d) Any Trustee may be removed, with or without cause, by the Board of Trustees, by action of a majority of the Trustees then in office, or by vote of the Shareholders at any meeting called for that purpose.
(e) Any Trustee may resign at any time by giving written notice to the secretary of the Trust or to a meeting of the Board of Trustees. Such resignation shall be effective upon receipt, unless specified to be effective at some later time.
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The Board of Trustees. Section 1. NUMBER, CLASSES AND ELECTION, TERM, REMOVAL AND RESIGNATION.. -----------------------------------------------------------
(a) The initial Board of Trustees shall be comprised of the Trustees entering Trustee who first entered into this Declaration of Trust on the date first written above, who shall hold office until the initial holder of a Share executes a consent in writing to elect a Board of Trustees that holds office in accordance with paragraph (c) of this Section 1Original Declaration. The initial Trustees Trustee shall (i) execute and file or cause to be filed the Certificate of Trust with the office of the Secretary of State of the State of Delaware and (ii) shall execute a consent in writing to adopt the By-Laws. In accordance with Section 3801 Laws of the DSTA, each Trust. Such initial Trustee shall become thereafter approve and adopt a Trustee and be bound by this Declaration resolution, prior to the election of Trust and the By-Laws when such Person signs this Declaration of Trust as a trustee and/or is duly elected or appointed, qualified and serving on the Board of Trustees in accordance by the initial Shareholder pursuant to paragraph (c) of this Section 1: (i) fixing the number of Trustees constituting the entire Board of Trustees and dividing such Board of Trustees into three (3) classes, with the provisions hereof term of office of each class expiring upon the earlier of:
(1) the end of its term set forth in paragraph (c) of this Section 1, as though the appointment set forth in (ii) below by the initial Trustee were the election by written consent of the initial Shareholder described in paragraph (c) of this Section 1; or (2) the election of a successor Board of Trustees by the initial Shareholder pursuant to paragraph (c) of this Section 1; and (ii) appointing Trustees to fill any vacancies. If the By-Lawsinitial Trustee determines to resign upon the appointment by the initial Trustee of the Trustees to fill the vacancies described in this paragraph, so long as such signatory or other Person continues in office in accordance with resignation shall be effective upon the terms hereofappointment of such Trustees.
(b) The number of Trustees constituting the entire Board of Trustees may be fixed from time to time by the vote of a majority of the then Board of Trustees; PROVIDED, HOWEVER, that the number of Trustees shall in no event be less than one three (13) nor more than fifteen (15)) and the percentage of Trustees who are not Interested Persons of the Trust shall be no less than that permitted by the 1940 Act. The number of Trustees shall not be reduced so as to shorten the term of any Trustee then in office. Upon a person's election or appointment as Trustee, such person shall execute a counterpart to this Declaration of Trust.
(c) The Board of Trustees shall be divided into three (3) classes, with the term of office of one class expiring each year. Upon the written consent of the initial Shareholder, Trustees of the first class shall be elected to hold office for a term expiring at the next succeeding annual meeting at the time such Trustees' successors are elected and qualified; Trustees of the second class shall be elected to hold office for a term expiring at the second succeeding annual meeting at the time such Trustees' successors are elected and qualified; and Trustees of the third class shall be elected to hold office for a term expiring at the third succeeding annual meeting at the time such Trustees' successors are elected and qualified.
(d) Thereafter, at each annual meeting of Shareholders, the successors to the class of Trustees whose term shall then expire shall be elected to hold office for a term expiring at the third succeeding annual meeting at the time such Trustees' successors are elected and qualified; provided that the Trustees may also determine by resolution those Trustees in each class that shall be nominated and elected by Shareholders of a particular class of Shares (e.g., by a class of preferred Shares issued by the Fund) prior to the initial public offering of such class of Shares. Only persons who are nominated in accordance with the procedures set forth in the By-Laws shall be eligible for election as Trustees and no proposal to nominate Trustees shall be brought before a meeting of Shareholders or otherwise transacted unless in accordance with the procedures set forth in the By-Laws, except as may be otherwise provided in any Board resolution establishing and designating a class of preferred Shares.
(e) Each Trustee shall hold office for the lifetime term set forth in the applicable paragraph of the Trust this Section 1 or until such Trustee's earlier death, resignation, removal, retirement removal or inability otherwise to serve, or, if sooner than any of such events, until the next meeting of Shareholders called for the purpose of electing Trustees or consent of Shareholders in lieu thereof for the election of Trustees, and until the election and qualification of his or her successor.
(df) Any Except as may be otherwise provided in any Board resolution establishing and designating a class of Shares, any Trustee may be removed, with or without cause, removed for cause by the Board of TrusteesShareholders, by action of a majority of upon the Trustees then in office, or by vote of the Shareholders at any meeting called for that purpose.
(e) Any Trustee may resign at any time by giving written notice to the secretary holders of 75% of the Trust Shares entitled to vote. "Cause" for these purposes shall require willful misfeasance, bad faith, gross negligence or to a meeting reckless disregard of the Board duties involved in the conduct of Trustees. Such resignation shall be effective upon receipt, unless specified to be effective at some later timesuch Trustee.
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Samples: Agreement and Declaration of Trust (Franklin Templeton Limited Duration Income Trust)
The Board of Trustees. Section SECTION 1. NUMBER, ELECTION, TERM, REMOVAL AND RESIGNATION.
(a) The initial Board of Trustees shall be comprised of the Trustees entering into this Declaration of Trust on the date first written above, who shall hold office until the initial holder of a Share executes a consent in writing to elect a Board of Trustees that holds office in accordance with paragraph (c) of this Section 1. The initial Trustees shall (i) execute and file or cause to be filed the Certificate of Trust with the office of the Secretary of State of the State of Delaware and (ii) adopt the By-Laws. In accordance with Section 3801 of the DSTA, each Trustee shall become a Trustee and be bound by this Declaration of Trust and the By-Laws when such Person signs this Declaration of Trust as a trustee and/or is duly elected or appointed, qualified and serving on the Board of Trustees in accordance with the provisions hereof and the By-Laws, so long as such signatory or other Person continues in office in accordance with the terms hereof.
(b) The number of Trustees constituting the entire Board of Trustees may be fixed from time to time by the vote of a majority of the then Board of Trustees; PROVIDEDprovided, HOWEVERhowever, that the number of Trustees shall in no event be less than one (1) nor more than fifteen (15). The number of Trustees shall not be reduced so as to shorten the term of any Trustee then in office.
(c) Each Trustee shall hold office for the lifetime of the Trust or until such Trustee's ’s earlier death, resignation, removal, retirement or inability otherwise to serve, or, if sooner than any of such events, until the next meeting of Shareholders called for the purpose of electing Trustees or consent of Shareholders in lieu thereof for the election of Trustees, and until the election and qualification of his or her successor.
(d) Any Trustee may be removed, with or without cause, by the Board of Trustees, by action of a majority of the Trustees then in office, or by vote of the Shareholders at any meeting called for that purpose.
(e) Any Trustee may resign at any time by giving written notice to the secretary of the Trust or to a meeting of the Board of Trustees. Such resignation shall be effective upon receipt, unless specified to be effective at some later time.
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Samples: Trust Agreement (Philadelphia Investment Partners New Generation Fund)