Removal or Resignation Clause Examples
The Removal or Resignation clause outlines the procedures and conditions under which a party, such as a director, officer, or trustee, may be removed from their position or may voluntarily resign. Typically, this clause specifies who has the authority to initiate removal, the notice requirements, and any necessary approvals or votes, as well as the process for submitting a resignation. Its core practical function is to ensure a clear and orderly transition of responsibilities, minimizing disruption and potential disputes when a key individual leaves their role.
Removal or Resignation. The Company may remove the Trustee at any time, without assigning any cause therefor, by delivering to the Trustee and the Representative written notice of removal, effective not less than ninety (90) days after receipt by the Trustee and the Representative of such notice. If the Trustee gives written notice to the Company that it desires to resign under this Agreement, the Company shall use its reasonable efforts to locate a successor trustee, during which time the Trustee shall continue to act in accordance with the terms of this Agreement. At such time that the Company notifies the Trustee that a successor trustee has been appointed by the Company and has agreed to become subject to the terms of this Agreement, the Trustee shall transfer the management of the Trust Account to the successor trustee, including the transfer of copies of the reports and statements relating to the Trust Account. Any removal or resignation shall not be effective until the Company has duly appointed and approved a successor trustee and all of the Trust Property held by the Trustee in the Trust Account has been duly transferred to the successor trustee. If the Company does not locate a successor trustee within ninety (90) days of receipt of a resignation notice from the Trustee, the Trustee may (but shall not be obligated to) submit an application to have the Trust Property deposited with the United States District Court for the Southern District of New York and upon such deposit, the Trustee shall be immune from any liability whatsoever that arises due to any actions or omissions to act by the other Party after such deposit.
Removal or Resignation. The Master Custodial Administration Agreement Administrator may be removed by the Participant or Employer or the Master Custodial Administration Agreement Administrator may resign at any time upon sixty (60) days’ written notice to the other of such removal or resignation.
Removal or Resignation. The Trustee may resign as Trustee under this Agreement at any time by a written instrument delivered to the Committee giving notice of such resignation, which shall be effective sixty (60) days after receipt or at such other time as is agreed by the Committee and the Trustee. The Trustee may be removed at any time by the Board by a written resolution, certified by the Secretary or Assistant Secretary of the Bank and delivered to the Trustee, which shall be effective sixty (60) days after receipt or at such other time as is agreed between the Committee and the Trustee.
Removal or Resignation. Any director may resign or be removed from office at any time in accordance with Article III of the Constitution.
Removal or Resignation. The Plan Administrator or any member of the group who together comprise the Plan Administrator may be removed at the pleasure of the Employer by action of its Board of Directors or may resign by written notice to the Employer. Said removal or resignation shall be effective sixty (60) days after delivery of such notice to the other party unless some other date is designated by the Employer. After removal or resignation the Employer may appoint a successor Plan Administrator or member of the group who together constitute the Plan Administrator.
Removal or Resignation. 21- Section 10.02 Successor Trustee.........................................-22- Section 10.03 Delivery of Trust Fund....................................-22- Article XI AMENDMENT AND TERMINATION
Removal or Resignation. If a member of the Committee retires, is removed or resigns from the Board, that member ceases to be a member of the Committee and the Board will appoint a successor.
Removal or Resignation. At a meeting called expressly for that purpose, any Manager may be removed by the unanimous vote of all of the Members (excluding the Manager who is the subject of the vote). A Manager shall not have the right to resign as a Manager without the consent of a Majority Interest. The removal or resignation of a Manager who is also a Member shall not affect the Manager’s rights as a Member and shall not constitute a withdrawal of a Member.
Removal or Resignation. So long as Xxxxx X. Xxxxxxxxx shall be serving as President of the Company, the Company shall be permitted to remove the Escrow Agent and to appoint a successor in accordance with this paragraph 7. The Escrow Agent may resign from its duties and obligations hereunder by giving the Company at least 5 days' written notice, specifying the date when such resignation shall take effect. Prior to the effective date of such resignation, the Company shall appoint a successor Escrow Agent to assume the duties and obligations of, and to be substituted for, the Escrow Agent. Upon the appointment of a successor Escrow Agent, the Escrow Agent shall deliver the Escrow Fund (or assign its rights to the Escrow Fund) to its successor, and the Escrow Agent shall then be relieved and released of and from its duties and obligations under this Agreement, except to execute such documents and take such further actions as may be reasonably required to effect the termination and transfer of its obligations and responsibilities under this Agreement.
Removal or Resignation. A Trustee may be removed by the Board of Directors of the Plan Sponsor upon thirty (30) days written notice and may resign upon thirty (30) days written notice to the Plan Sponsor. Upon such removal or resignation, or the inability of the Trustee to act as Trustee for any reason, the Board of Directors of the Plan Sponsor shall appoint a successor Trustee. The successor Trustee, upon written acceptance, shall have all the rights, title to assets, powers, duties, privileges and immunities of a Trustee under this Plan. The former Trustee shall deliver to the successor Trustee all monies, contracts, records and all other property held by him for the purpose of this Plan and shall perform such other acts, if any, which may be necessary to give full effect to this section. The Board of Directors of the Plan Sponsor may designate one or more successors prior to the death, resignation, incapacity or removal of a Trustee. In the event a successor is so designated by the Board of Directors, and accepts such designation, the successor shall, without further act, become vested with all the estate, rights, powers, discretion and duties of his predecessor with the like effect as if he were originally named as a Trustee herein immediately upon the death, resignation, incapacity or removal of his predecessor.