Common use of Dissolution or Termination Clause in Contracts

Dissolution or Termination. Any particular Series shall be dissolved upon the occurrence of the applicable dissolution events set forth in Article VIII, Section 1 hereof. Upon dissolution of a particular Series, the Trustees shall wind up the affairs of such Series in accordance with Article VIII Section 1 hereof and thereafter, rescind the establishment and designation thereof. The Board of Trustees shall terminate any particular class and rescind the establishment and designation thereof upon the vote of the holders of not less than a majority of the Shares outstanding and entitled to vote of such class. In addition, at any time there are no Shares outstanding of a particular class, the Board of Trustees may terminate such class and rescind the establishment and designation thereof; PROVIDED, HOWEVER, that upon the rescission of the establishment and designation of any particular Series, every class of such Series shall thereby be terminated and its establishment and designation rescinded. Each resolution of the Board of Trustees pursuant to this Section 6(i) shall be incorporated herein by reference upon adoption.

Appears in 3 contracts

Samples: Agreement and Declaration (Templeton Developing Markets Trust), Agreement and Declaration of Trust (Templeton Global Smaller Companies Fund Inc), Agreement and Declaration (Templeton China World Fund Inc)

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Dissolution or Termination. Any particular Series shall be dissolved upon the occurrence of the applicable dissolution events set forth in Article VIII, Section 1 hereof. Upon dissolution of a particular Series, the Trustees shall wind up the affairs of such Series in accordance with Article VIII Section 1 hereof and thereafter, rescind the establishment and designation thereof. The Board of Trustees shall terminate any particular class and rescind the establishment and designation thereof upon the vote of the holders of not less than a majority of the Shares outstanding and entitled to vote of such class. In addition, at any time there are no Shares outstanding of a particular class, the Board of Trustees may terminate such class and rescind the establishment and designation thereof; PROVIDEDprovided, HOWEVERhowever, that upon the rescission of the establishment and designation of any particular Series, every class of such Series shall thereby be terminated and its establishment and designation rescinded. Each resolution of the Board of Trustees pursuant to this Section 6(i) shall be incorporated herein by reference upon adoption.

Appears in 2 contracts

Samples: Agreement and Declaration (Gartmore Variable Insurance Trust Iii), Gartmore Mutual Funds Iii

Dissolution or Termination. Any particular Series shall be dissolved upon the occurrence of the applicable dissolution events set forth in Article VIII, Section 1 hereof. Upon dissolution of a particular Series, the Trustees shall wind up the affairs of such Series in accordance with Article VIII Section 1 hereof and thereafter, rescind the establishment and designation thereof. The Board of Trustees shall terminate any particular class and rescind the establishment and designation thereof upon the vote of the holders of not less than a majority of the Shares outstanding and entitled to vote of such class. In addition, at any time there are no Shares outstanding of a particular class, the Board of Trustees may terminate such class and rescind the establishment and designation thereof; PROVIDED, HOWEVERhowever, that upon the rescission of the establishment and designation of any particular Series, every class of such Series shall thereby be terminated and its establishment and designation rescinded. Each resolution of the Board of Trustees pursuant to this Section 6(i7(i) shall be incorporated herein by reference upon adoption.

Appears in 1 contract

Samples: Agreement and Declaration (Franklin Mutual Recovery Fund)

Dissolution or Termination. Any particular Series shall be dissolved upon the occurrence of the applicable dissolution events set forth in Article VIII, Section 1 hereof. Upon dissolution of a particular Series, the Trustees shall wind up the affairs of such Series in accordance with Article VIII VIII, Section 1 hereof hereof, and thereafter, rescind the establishment and designation thereof. The At the discretion of the Board of Trustees shall Trustees, from time to time, the Trustees, by a majority vote, may terminate any particular class and rescind the establishment and designation thereof upon the vote of the holders of not less than a majority of the Shares outstanding and entitled to vote of such classthereof. In addition, at any time there are no Shares outstanding of a particular class, the Board of Trustees may terminate such class and rescind the establishment and designation thereof; PROVIDEDprovided, HOWEVERhowever, that upon the rescission of the establishment and designation of any particular Series, every class of such Series shall thereby be terminated and its establishment and designation rescinded. Each resolution of the Board of Trustees pursuant to this Section 6(i) shall be incorporated herein by reference upon adoption.

Appears in 1 contract

Samples: Agreement and Declaration (Sma Relationship Trust)

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Dissolution or Termination. Any particular Series shall be dissolved upon the occurrence of the applicable dissolution events set forth in Article VIII, Section 1 hereof. Upon dissolution of a particular Series, the Trustees shall wind up the affairs of such Series in accordance with Article VIII Section 1 hereof and thereafter, rescind the establishment and designation thereof. The Board of Trustees shall terminate any particular class and rescind the establishment and designation thereof upon the vote of the holders of not less than a majority of the Shares outstanding and entitled to vote of such class. In addition, at any time there are no Shares outstanding of a particular class, the Board of Trustees Trustees, by resolution of a majority of the Board of Trustees, may terminate such class and rescind the establishment and designation thereof; PROVIDED, HOWEVER, that upon the rescission of the establishment and designation of any particular Series, every class of such Series shall thereby be terminated and its establishment and designation rescinded. Each resolution of the Board of Trustees pursuant to this Section 6(i) shall be incorporated herein by reference upon adoption.

Appears in 1 contract

Samples: Agreement and Declaration (Franklin Floating Rate Master Trust)

Dissolution or Termination. Any particular Series or Class shall be dissolved upon the occurrence of the applicable dissolution events set forth in Article VIII, Section 1 hereof. Upon dissolution of a particular Series, the Trustees shall wind up the affairs of such Series in accordance with Article VIII Section 1 hereof and thereafter, rescind the establishment and designation thereof. The Board of Trustees shall terminate any particular class Class and rescind the establishment and designation thereof (i) upon the vote of the holders of or not less than a majority of the Shares outstanding and entitled to vote of such class. In addition, Class; or (ii) at the discretion of the Board of Trustees either (A) at any time there are no Shares outstanding of a particular classsuch Class, or (B) upon at least thirty (30) days' prior written notice to the Board Shareholders of Trustees may terminate such class and rescind the establishment and designation thereofClass; PROVIDED, HOWEVER, that upon the rescission of the establishment and designation of any particular Series, every class Class of such Series shall thereby be terminated and its establishment and designation rescinded. Each resolution of the Board of Trustees pursuant to this Section 6(i) shall be incorporated herein by reference upon adoption.

Appears in 1 contract

Samples: Agreement and Declaration (Templeton Global Investment Trust)

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