Initial Trustees definition
Examples of Initial Trustees in a sentence
Upon execution of this Declaration of Trust or a counterpart hereof or some other writing in which the undersigned accepts such Trusteeship(s) and agrees to the provisions hereof, the undersigned(s) whose signature(s) is (are) affixed hereto as Initial Trustee(s) shall become the Initial Trustee(s) hereof.
The term of office for a Trustee shall be three years (or less for certain Initial Trustees) or until a successor has been appointed and qualified, and such term shall begin at the meeting of the Board following the appointment.
By countersigning this Agreement, the Initial Trustees confirm their acceptance of their appointment in accordance with the terms hereof.
By executing this Agreement, the individuals listed on the signature page hereto under the heading "Initial Trustees" are agreeing to become, and to fulfill the duties of, Trustees hereunder, and no further writing or instrument shall be necessary in order for such individuals to become Initial Trustees hereunder.
Upon the death, resignation or incapacity of either of the Initial Trustees, the other Initial Trustee shall serve as the sole Trustee.