89100534 - Laserfiche WebLink

Browse

,'Sv4 ,•i 1 89=- 100534 portions of the proceeds and income as in their discretion, and according to the minutes, and upon the final liquidation distributing the assets to the existing certificate holders as their contingent rights may appear; and in all other respects administrating said Trust Organization in good faith, strictly in conformity hereto. b- TRUSTEES SHALL Be at least Two (2) in number, and may be increased for practical reasons beneficial to the Trust Organization. The Trustees herein menti�,t;ed by name, of their successors elected to fill vacancies, shall hold office, have and exercise collectively the exclusive management and control of the Trust Organization's property and business affairs without any consent of Certificate holders. 7• PROVIDED, HOWEVER, that a Trustee may resign or be removed from office b},a reselutiQn, of W Board of Trustees unanimously concurred in whenever in their said opinion 'Trustee shall have been guilty of fraud, malfeasance in office, or for cause, by the rimradate of a court of competent jurisdiction; and, $: PROVIDED, FURTHER, that in the event of death, removal from office, or resignation, the. Trustees shall appoint or elect a successor by the unanimous concurrence of the itrirtg Trustees, or may provide for successor trustees, previously named prior to the event of death o {, any Trustee. Should the entire Board of Trustees become vacant the �aurt may appoint one Trustee, who, in turn, shall appoint the additional Trustees. .9. THE SIGNING AND ACKNOWLEDGING of this contract by Trustees, elected or appointed, shall constitute their acceptance of this Trust Organization and their +ohligat on to perform under the contract; and the Trust Organization property, assets and profits tlhimof shall immediately vest, in fee simple without any further act of conveyance. f. 10. BY A REGULAR ACT of the Trustees they may provide for meetings at stated intervals without notice and special meetings may he called at any time by one or more Trustees upon three day-, written notice. At any regular or special meeting a majority of the Trustees shall constitute a quorum for conducting business, PROVIDED, affirmative action may only be had uPon it uidior"y vote of the Trustees. whether present or al+w nt. except that at +pedal mecting, 1_