Majority Decisions. If there shall at any time be three (3) or more co-trustees serving hereunder who are qualified to perform a particular act, the same may be performed, on behalf of all, by a majority of those qualified, with or without the concurrence of the minority. No person who failed to join or concur in such act shall be held liable for the consequences thereof, except to the extent that liability is imposed under ERISA.
Appears in 2 contracts
Sources: Pension Plan Trust Agreement (Entegris Inc), Employee Stock Ownership Plan Trust Agreement (Entegris Inc)
Majority Decisions. If there shall at any time be three (3) or more co-trustees co‑trustees serving hereunder who are qualified to perform a particular act, the same may be performed, on behalf of all, by a majority of those qualified, with or without the concurrence of the minority. No person who failed to join or concur in such act shall be held liable for the consequences thereof, except to the extent that liability is imposed under ERISA.
Appears in 1 contract
Sources: Employee Stock Ownership Plan Trust Agreement (People's Utah Bancorp)