Securities of the Trust definition
Examples of Securities of the Trust in a sentence
In no event will Holders of the Capital Securities have the right to vote to appoint, remove or replace the Administrators, which voting rights are vested exclusively in the Sponsor as the Holder of all of the Common Securities of the Trust.
The Trustees may limit their right to exercise any of their powers through express restrictive provisions in the instruments evidencing or providing the terms for any Securities of the Trust or in other contractual instruments adopted on behalf of the Trust.
Any such Securities of the Trust may, at the discretion of the Trustees, be made convertible into Shares of any Series, or may evidence the right to purchase, subscribe for or otherwise acquire Shares of any Series, at such times and on such terms as the Trustees may prescribe.
Except as provided with respect to a particular Class in the By-Laws or the resolutions establishing such Class, Shares or Preferred Securities of the Trust will not be redeemed or repurchased by the Trust, except as the Trustees shall determine from time to time and the Trust shall be under no obligation to redeem or repurchase Shares.
If so determined by resolution of the Board of Trustees, each Shareholder of the Trust shall be entitled upon request to have a certificate or certificates, in such form as shall be approved by the Board of Trustees, representing the number of Shares or Preferred Securities of the Trust owned by the Shareholder, provided, however, that certificates for fractional shares will not be delivered in any case.
One-third of the Outstanding Securities of each Series or Class, or one-third of the Outstanding Securities of the Trust, entitled to vote in person or by proxy shall be a quorum for the transaction of business at a Shareholders’ meeting with respect to such Series or Class, or with respect to the entire Trust, respectively.
The Custodian shall have sole power to release or deliver any Securities of the Trust held by it pursuant to this Agreement.
Such determination shall be made (1) by the Administrative Trustees by a majority vote of a quorum consisting of such Administrative Trustees who were not parties to such action, suit or proceeding, (2) if such a quorum is not obtainable, or, even if obtainable, if a quorum of disinterested Administrative Trustees so directs, by independent legal counsel in a written opinion, or (3) by the Holders of the Common Securities of the Trust.
The Grantor shall promptly notify in writing the Registrar and Transfer Agent for the Trust Preferred Securities of the Trust Preferred Securities selected for redemption.
In addition, no holder of Trust Preferred Securities of the Trust which is the Holder of that series of Debentures may pursue any remedy with respect to this Junior Indenture or the Debentures unless the above conditions have been complied with and the Property Trustee for such Trust has also failed to act for 60 days.