Common use of Action upon Termination of Custodian Agreement Clause in Contracts

Action upon Termination of Custodian Agreement. Upon resignation of a custodian ------ ---- ----------- -- --------- --------- of the Trust or inability of a custodian to continue to serve, the Board of Trustees shall promptly appoint a successor custodian, but in the event that no successor custodian can be found who has the required qualifications and is willing to serve, the Board of Trustees shall call as promptly as possible a special meeting of the shareholders to determine whether the Trust shall function without a custodian or shall be liquidated. If so directed by vote of the holders of a majority of the outstanding shares of stock of the Trust, the custodian shall deliver and pay over all property of the Trust held by it as specified in such vote.

Action upon Termination of Custodian Agreement. Upon resignation ---------------------------------------------- termination of a any custodian ------ ---- ----------- -- --------- --------- of the Trust agreement with respect to any Series or inability of a any custodian to continue to serve, the Board of Trustees shall promptly appoint a successor custodian, but in the event that no successor custodian can be found who has the required qualifications and is willing to serve, the Board of Trustees shall call as promptly as possible a special Shareholders' meeting of the shareholders to determine whether the Trust such Series shall function without a custodian or shall be liquidated. If so directed by vote of the holders of a majority of the Shares of such Series outstanding shares of stock of the Trustand entitled to vote, the custodian shall deliver and pay over all property of the Trust Property held by it as specified in such vote.