CESSATION OF TRUSTEES Sample Clauses

CESSATION OF TRUSTEES. A person shall be ceased to be trustees in any of the following events. If he/she dies. If he/she resigns. If he/she becomes insolvent. If he/she becomes insane or otherwise incapable to act. If he/she retires. If he/she resides permanently out of India. If he/she is requested by 2/3rd of the trustees to vacate. MEETINGS, NOTICES AND QUORUM All meetings of the Board of Trustees will be held at such place as the Trustees may decide from time to time. Notice of the meeting of the Trustees and all other communications may be sent to the Trustees at the respective addresses registered for the time being in the records of the Trust. The quorum shall be of two or one third of the trustees whichever is higher in all the meetings of the Board of Trustees. Any two of Trustees may by a notice in writing convene a meeting of the Board of Trustees. The Trustees shall hold at least two meeting of the board of trustees in given accounting period. Every Trustee shall have one Vote in any meeting and the decision of the board shall be majority. In case of equality of the votes the chairman of the meeting shall have a second casting vote. Any resolution in writing circulated amongst all the Trustees present in India and passed by majority of three-fourth of such Trustees shall be as valid and effectual as if it has been passed at a meeting of the Trustees duly convinced. A minute book shall be kept at the office of the trust for the time being or with such trustee or trustees as the board of trustees may decide wherein shall be recorded the proceedings of the meetings of the trustees and it shall be open to the inspection of the trustees or their authorized agents and representatives. Resolution passed and entered in the minute book on any matter relating to the trust shall be conclusive evidence of the facts and matters duly noted therein. All the trustees shall abide by the decision of the board of trustees whether at the meeting or by circular resolutions and such decision shall be deemed shall to be the decision of each of the trustees severally and jointly.
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CESSATION OF TRUSTEES. The Trustee shall cease to be Trustee of these Presents if –
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Related to CESSATION OF TRUSTEES

  • Termination of Trust Section 9.01

  • Termination of Trust Agreement Section 9.01.

  • Compensation of Trustee Any individual Trustee serving hereunder shall be entitled to: (Choose One) ☐ - No compensation whatsoever. ☐ - Be paid a reasonable fee from the Trust Estate based on the amount of time expended by such Trustee in carrying out his or her duties hereunder. Any corporate Trustee shall be entitled to be paid a fee based upon its fee schedule from time to time that is required to be published.

  • Resignation of Trustee Any Trustee hereunder may resign by a notice in writing delivered to the Grantor, if the Grantor is then living, and, after the Grantor’s death, to all current Beneficiaries of the Trust.

  • Application of Trust Funds (a) On each Payment Date, the Paying Agent will distribute to Certificateholders, on the basis of the Percentage Interest evidenced by their Trust Certificates, amounts deposited in the Certificate Distribution Account pursuant to Section 4.06 of the Sale and Servicing Agreement with respect to such Payment Date.

  • Appointment of Trustee The Depositor hereby appoints the Trustee as trustee of the Trust, effective as of the date hereof, to have all the rights, powers and duties set forth herein.

  • Application of Trust Money The Trustee shall hold in trust money or U.S. Government Obligations deposited with it pursuant to this Article 8. It shall apply the deposited money and the money from U.S. Government Obligations through the Paying Agent and in accordance with this Indenture to the payment of principal of and interest on the Securities.

  • Removal of Trustee The Trustee may be removed at any time, by an instrument or concurrent instruments in writing delivered (a) to the Trustee and to the Issuer and the Company, and signed by the owners of a majority in aggregate principal amount of Bonds then Outstanding, or (b) to the Trustee and the owners of all Bonds then Outstanding, and signed by the Issuer and the Company.

  • Replacement of Trustee A resignation or removal of the Trustee and appointment of a successor Trustee shall become effective only upon the successor Trustee's acceptance of appointment as provided in this Section. The Trustee may resign in writing at any time and be discharged from the trust hereby created by so notifying the Company. The Holders of Notes of a majority in principal amount of the then outstanding Notes may remove the Trustee by so notifying the Trustee and the Company in writing. The Company may remove the Trustee if:

  • Declaration of Trust The Owner Trustee hereby declares that it will hold the Owner Trust Estate in trust upon and subject to the conditions set forth herein for the use and benefit of the Certificateholders, subject to the obligations of the Trust under the Basic Documents. It is the intention of the parties hereto that the Trust constitute a statutory trust under the Statutory Trust Act and that this Agreement constitute the governing instrument of such statutory trust. The Trust is not intended to be a business trust within the meaning of Section 101(9)(A)(v) of the Bankruptcy Code. It is also the intention of the parties hereto that, solely for Federal, state and local income and franchise tax purposes, on and after the Closing Date, (a) so long as the Trust has only one Certificateholder, the Trust shall be disregarded as a separate entity and (b) at such time as the Trust has more than one Certificateholder, the Trust will be treated as a partnership, with the assets of the partnership being the Receivables and other assets held by the Trust, the partners of the partnership being the Certificateholders, and the Notes being non-recourse debt of the partnership. The Depositor (and any future Certificateholder by the purchase of the Trust Certificate will be deemed to have agreed) and the Owner Trustee agree to take no action inconsistent with such tax treatment. The Trust shall not elect to be treated as an association under Treasury Regulations Section 301.7701-3(a). The parties agree that, unless otherwise required by appropriate tax authorities, the sole Certificateholder or the Trust, as applicable, will file or cause to be filed annual or other necessary returns, reports and other forms consistent with the foregoing characterization of the Trust for such tax purposes. Effective as of the date hereof, the Owner Trustee, shall have all rights, powers and duties set forth herein and, to the extent not inconsistent herewith, in the Statutory Trust Act with respect to accomplishing the purposes of the Trust. Any action taken on behalf of the Trust prior to the date hereof with respect to the filing of financing statements, the Certificate of Trust, a qualification to do business in the State of Alabama or any other similar qualification or license in any other state or jurisdiction, if applicable, is hereby ratified.

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