Competence of a Majority of Trustees Clause Samples

The 'Competence of a Majority of Trustees' clause establishes that decisions or actions taken by a majority of the trustees are valid and binding for the trust. In practice, this means that if a trust has several trustees, it is not necessary for every trustee to agree or be present for the trust to act; as long as a majority concurs, the trust can proceed with its business, such as making investments or distributing assets. This clause streamlines trust administration by preventing deadlock and ensuring that the trust can function efficiently even if some trustees are unavailable or disagree.
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Competence of a Majority of Trustees. Whenever there shall be more than two trustees hereof the majority of such trustees shall (provided such majority includes a trust corporation) be competent to execute and exercise all the trusts, powers, authorities and discretions vested by these presents in the Trustee generally.
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Competence of a Majority of Trustees. If there are more than 2 Trustees the majority of them shall be competent to perform the Trustee'sTrustee’s functions provided the majority includes a trust corporation.
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Competence of a Majority of Trustees. Whenever there shall be more than two trustees hereof the majority of such trustees shall (provided such majority includes a trust corporation) be competent to execute and exercise all the trusts, powers, authorities and discretions vested by this Trust Deed in the Trustee generally.
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Competence of a Majority of Trustees. ‌ If there are more than two Trustees the majority of such Trustees shall (provided such majority includes a trust corporation) be competent to execute and exercise all the duties, powers, trusts, authorities and discretions vested by this Principal Trust Deed and/or any Supplemental Trust Deed in the Trustee. 14 Trustee not precluded from entering into Contracts‌ Neither the Trustee nor any director or officer of a corporation acting as a Trustee or holding or associated company of such corporation shall be precluded from acquiring, holding, dealing in or disposing of the Notes, Receipts, Coupons or Talons of such Series or any of them or any shares or securities whatsoever of the Issuer or any other person or from otherwise at any time contracting or entering into any financial or other transactions with the Issuer or any other person or from being interested in any contract or transaction or from accepting and holding the office of trustee for the holders of any securities of the Issuer or any other person (in each case with the same rights as it would have had if the Trustee were not acting) and shall not be liable to account for any profit.
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Competence of a Majority of Trustees. If there are more than two Trustees appointed hereunder the majority of such Trustees will (provided such majority includes a trust corporation) be competent to carry out all or any of the Trustee’s functions under this Trust Deed. NOTES HELD IN CLEARING SYSTEMS AND COUPONHOLDERS 19.1 Notes Held in Clearing Systems So long as any Global Note is, or any Notes represented by a Global Note are, held on behalf of a clearing system, in considering the interests of Noteholders, the Trustee may have regard to any information provided to it by such clearing system or its operator as to the identity (either individually or by category) of its accountholders or participants with entitlements to any such Global Note and may consider such interests on the basis that such accountholders or participants were the holder(s) thereof. Currency Indemnity
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Related to Competence of a Majority of Trustees

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

  • Replacement of Trustee (a) A resignation or removal of the Trustee and appointment of a successor Trustee will become effective only upon the successor Trustee’s acceptance of appointment as provided in this Section 7.08. (b) 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 a majority in aggregate 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: (1) the Trustee fails to comply with Section 7.10 hereof; (2) the Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the Trustee under any Bankruptcy Law; (3) a custodian or public officer takes charge of the Trustee or its property; or (4) the Trustee becomes incapable of acting. (c) If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Company will promptly appoint a successor Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in aggregate principal amount of the then outstanding Notes may appoint a successor Trustee to replace the successor Trustee appointed by the Company. (d) If a successor Trustee does not take office within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee, the Company, or the Holders of at least 10% in aggregate principal amount of the then outstanding Notes may petition any court of competent jurisdiction for the appointment of a successor Trustee. (e) If the Trustee, after written request by any Holder who has been a Holder for at least six months, fails to comply with Section 7.10 hereof, such Holder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. (f) A successor Trustee will deliver a written acceptance of its appointment to the retiring Trustee and to the Company. Thereupon, the resignation or removal of the retiring Trustee will become effective, and the successor Trustee will have all the rights, powers and duties of the Trustee under this Indenture. The successor Trustee will mail a notice of its succession to Holders. The retiring Trustee will promptly transfer all property held by it as Trustee to the successor Trustee; provided all sums owing to the Trustee hereunder have been paid and subject to the Lien provided for in Section 7.07 hereof. Notwithstanding replacement of the Trustee pursuant to this Section 7.08, the Company’s obligations under Section 7.07 hereof will continue for the benefit of the retiring Trustee.

  • Vacancies and Appointment of Trustees In case of the declination to serve, death, resignation, retirement or removal of a Trustee, or a Trustee is otherwise unable to serve, or an increase in the number of Trustees, a vacancy shall occur. Whenever a vacancy in the Board of Trustees shall occur, until such vacancy is filled, the other Trustees shall have all the powers hereunder and the certification of the other Trustees of such vacancy shall be conclusive. In the case of an existing vacancy, the remaining Trustees may fill such vacancy by appointing such other person as they in their discretion shall see fit, or may leave such vacancy unfilled or may reduce the number of Trustees to not less than two (2)