Remaining Trustees Clause Samples
The 'Remaining Trustees' clause defines the rights and responsibilities of trustees who continue to serve after one or more trustees have resigned, died, or otherwise ceased to act. Typically, this clause clarifies that the remaining trustees retain full authority to manage the trust and make decisions, even if the original number of trustees has been reduced. For example, if a trust was established with three trustees and one steps down, the two remaining trustees can continue to operate the trust without interruption. This clause ensures the smooth and continuous administration of the trust, preventing operational delays or legal uncertainty when the number of trustees changes.
Remaining Trustees. In the event of the death, resignation, incapacity or removal of any one or more of the Trustees, the remaining Trustees shall have jointly all the powers, rights, estates and interests of the Trustees as provided hereunder and shall be charged with all duties of the Trustees hereunder.
Remaining Trustees. If (i) such a vacancy is not filled by any remaining Trustees within ninety (90) days, and the remaining Trustees, if any, have notified the Beneficiaries of their inability to fill such vacancy or (ii) there is no remaining Trustee then, the Beneficiaries may, pursuant to Article 12 hereof, call a meeting to appoint a successor Trustee by Beneficiaries holding Units representing an aggregate of at least a majority of the total Beneficial Interests in the Trust present at the meeting, in person or by proxy. Pending the appointment of a successor Trustee, the remaining Trustee or Trustees then serving may take any action in the manner set forth in Section 8.1.