Common use of Authority of the Board of Trustees Clause in Contracts

Authority of the Board of Trustees. Except as set forth by the express provisions of this Trust Agreement (or the independent director requirements established by the NYSE Amex LLC and the ▇▇▇▇▇▇▇▇-▇▇▇▇▇ Act of 2002, as amended), pursuant to Section 3806(a) of the Delaware Trust Statute, the Board of Trustees shall have and may exercise on the Trust’s behalf, only such powers and rights necessary, proper, convenient or advisable to effectuate and carry out the following objectives: (a) To serve as the audit committee of the Trust (the “Audit Committee”), in accordance with the Listing Standards and the charter of such Audit Committee, which duties shall include responsibility for the appointment, compensation, retention and oversight of any work performed on behalf of the Trust by a public accounting firm engaged by the Trust to perform such work; (b) To serve as the nominating committee of the Trust (the “Nominating Committee”), in accordance with the Listing Standards and the charter of such Nominating Committee, which duties shall include responsibility for appointing candidates for the Board of Trustees in the event of any vacancy caused by death, resignation or removal; (c) To determine the compensation to be paid to the Board Trustees, taking into consideration any recommendation provided by the Manager; (d) To remove any Board Trustee who ceases to meet the requirements of the last sentence of Section 5.1 and to fill any vacancy in the Board of Trustees caused by death, resignation or removal; and (e) To remove the Manager without penalty, upon sixty (60) days written notice, only for cause. For the purposes of this Section 5.2(e), “cause” consists of (i) a statutory disqualification of the Manager under Section 8a(2) or 8a(3) of the CEA, (ii) suspension or revocation of the Manager’s commodity pool operator or commodity trading advisor registrations, or (iii) a Bankruptcy Event with respect to the Manager. In connection with any such removal for cause, if the Manager to be removed is the last remaining Manager, the Shareholders by Majority Vote may vote to elect and appoint, effective as of a date on or prior to such removal, a successor manager, who shall be duly licensed and qualified under federal and state law to carry on the Trust’s business.

Authority of the Board of Trustees. Except as set forth by the express provisions of this Trust Agreement (or the independent director requirements established by the NYSE Amex LLC and the ▇▇▇▇▇▇▇▇-▇▇▇▇▇ Act of 2002, as amended), pursuant to Section 3806(a) of the Delaware Trust Statute, the Board of Trustees shall have and may exercise on the Trust’s behalf, only such powers and rights necessary, proper, convenient or advisable to effectuate and carry out the following objectives: (a) To serve as the audit committee of the Trust (the “Audit Committee”), in accordance with the Listing Standards and the charter of such Audit Committee, which duties shall include responsibility for the appointment, compensation, retention and oversight of any work performed on behalf of the Trust by a public accounting firm engaged by the Trust to perform such work; (b) To serve as the nominating committee of the Trust (the “Nominating Committee”), in accordance with the Listing Standards and the charter of such Nominating Committee, which duties shall include responsibility for appointing nominating for election and selecting candidates for the Board of Trustees in the event of any vacancy caused by death, resignation or removalTrustees; (c) To determine determine, in consultation with the Manager, the compensation to be paid to the Board Trustees, taking into consideration any recommendation provided by the Manager; (d) To remove any Board Trustee who ceases to meet the requirements of the last sentence of Section 5.1 and to fill any vacancy in the Board of Trustees caused by death, resignation or removalremoval until the next meeting of the Shareholders at which Board Trustees are elected; and (e) To remove the Manager without penalty, upon sixty (60) days written notice, only for cause. For the purposes of this Section 5.2(e), “cause” consists of (i) a statutory disqualification of the Manager under Section Sections 8a(2) or 8a(3) of the CEA, (ii) suspension or revocation of the Manager’s commodity pool operator or commodity trading advisor registrations, or (iii) a Bankruptcy Event with respect to the Manager. In connection with Upon any such removal for cause, if the Manager to be removed is the last remaining Manager, the Shareholders by Majority Vote may vote to elect and appoint, effective as of a date on or prior to such removal, a successor manager, who shall be duly licensed and qualified under federal and state law to carry on the Trust’s business.