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FULL PACKET_2011-12-19
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FULL PACKET_2011-12-19
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<br /> <br /> <br /> <br /> <br /> <br /> <br /> ARTICLE VI <br /> <br /> RESIGNATION, REMOVAL AND SUCCESSION <br /> <br /> 6.1 Resignation or Removal of Trustee. The Trustee may resign at any time upon ninety <br /> days' prior written notice to the Agency (which notice may be waived by the Agency). Agency may <br /> remove the Trustee upon ninety days' prior written notice to the Trustee (which notice may be <br /> waived by the Trustee). <br /> 6.2 Designation of Successor. Upon notice of the Trustee's resignation or removal, Agency <br /> shall promptly designate a Successor Trustee who will accept transfer of the assets of the Trust. If <br /> no Successor Trustee is designated within thirty days of notice of Trustee's resignation or removal, <br /> the Plan Administrator shall designate a Successor Trustee. <br /> <br /> <br /> 6.3 Court Appointment of Successor. If neither the Agency nor the Plan Administrator <br /> designates a Successor Trustee within thirty days after the Trustee gives notice of resignation or <br /> receives notice of removal, the Trustee may, at the expense of the Trust, apply to a court of <br /> competent jurisdiction to appoint a Successor Trustee. Until a Successor Trustee is appointed, and <br /> all Trust assets are delivered to the Successor Trustee, the Trustee shall be entitled to be <br /> compensated for its services according to its published fee schedule then in effect for acting as <br /> Trustee in accordance with the Plan and Trust. <br /> 6.4 Successor's Powers. A Successor Trustee shall have the same powers and duties as those <br /> conferred upon the original Trustee hereunder. A resigning Trustee shall transfer the Trust Assets <br /> and shall deliver the books, accounts and records of the Trust to the Successor Trustee as soon as <br /> practicable. The resigning Trustee is authorized, however, to reserve such amount from the Assets <br /> of the Trust as may be necessary for the payment of its fees and expenses incurred prior to its <br /> resignation, and the Trust Assets shall remain liable to reimburse the resigning Trustee for any costs, <br /> expenses or attorneys' fees or losses incurred, whether before or after resignation, due solely to <br /> Trustee's holding title to and administration of the Trust Assets. <br /> <br /> 6.5 Successor's Duties. A Successor Trustee shall have no duty to audit or otherwise inquire <br /> into the acts and transactions of its predecessor. <br /> <br /> ARTICLE VII <br /> <br /> AMENDMENT <br /> <br /> 7.1 Power to Amend. The Agency shall have the right at any time, and from time to time, to <br /> modify or amend this Trust Agreement in whole or in part, effective upon thirty days' prior written <br /> notice to the Trustee, provided, however, that the Trustee's duties and responsibilities shall not be <br /> amended without the Trustee's express written consent. <br /> <br /> <br /> <br /> <br /> 14 <br /> <br /> 55C-32 <br />
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