Common use of Trustee Emeritus Clause in Contracts

Trustee Emeritus. Any natural person qualified to hold the office of Trustee under this Agreement who is not then a Trustee may be elected by a majority of the Trustees then in office to serve as Trustee Emeritus for a period of one year from the date of election, or such other term as may be specified by the Board. A Trustee Emeritus shall be subject to removal by the Board from time to time with or without cause. A Trustee Emeritus shall be given notice of each meeting of the Board of Trustees in the same manner as each regular Trustee then in office (provided that no failure to give or to receive such notice of a meeting shall affect the status of the meeting as having been duly called and held or the validity of any action taken by the regular Trustees at the meeting), shall be entitled to attend each meeting of the Board, and shall be provided with access to such records of the Trust as are made available to each Trustee. Notwithstanding the foregoing, no Trustee Emeritus may vote at any meeting of the Board, or of any committee of the Board, or direct the vote of any Trustee at same. A Trustee Emeritus shall not be held responsible by virtue of service as a Trustee Emeritus, either at law or in equity, for any action or failure to act of the Trust, or of the Board of Trustees or any committee thereof. A Trustee Emeritus who is not an Interested Person of the Trust may receive such fees and reimbursement of expenses as are authorized for payment to each Trustee who is not an Interested Person of the Trust.

Trustee Emeritus. Any natural person qualified to hold the office of Trustee under this Agreement who is not then a Trustee may be elected by a majority of the Trustees then in office to serve as Trustee Emeritus for a period of one year from the date of election, or such other term as may be specified by the Board. A Trustee Emeritus shall be subject to removal by the Board from time to time with or without cause. A Trustee Emeritus shall be given notice of each meeting of the Board of Trustees in the same manner as each regular Trustee then in office (provided that no failure to give or to receive such notice of a meeting shall affect the status of the meeting as having been duly called and held or the validity of any action taken by the regular Trustees at the meeting), shall be entitled to attend each meeting of the Board, and shall be provided with access to such records of the Trust as are made available to each Trustee. Notwithstanding the foregoing, no Trustee Emeritus may vote at any meeting of the Board, or of any committee of the Board, or direct the vote of any Trustee at same. A Trustee Emeritus shall not be held responsible by virtue of service as a Trustee Emeritus, either at law or in equity, for any action or failure to act of the Trust, or of the Board of Trustees or any committee thereof. A Trustee Emeritus who is not an Interested Person of the Trust may receive such fees and reimbursement of expenses as are authorized for payment to each Trustee who is not an Interested Person of the Trust. Section 3.2.