Elimination of Series or Class Clause Samples
The Elimination of Series or Class clause defines the process by which a specific series or class of shares or interests within a company or fund can be terminated or removed. Typically, this clause outlines the conditions under which elimination can occur, such as a vote by holders of the affected series or class, and may specify the treatment of assets, liabilities, and rights associated with the eliminated group. Its core function is to provide a clear mechanism for restructuring or simplifying the entity’s capital structure, thereby addressing the need for flexibility in managing different classes or series as business needs evolve.
Elimination of Series or Class. At any time that there are no Shares outstanding of any particular Series previously established and designated, the Trustees may amend this Declaration of Trust to abolish that Series and to rescind the establishment and designation thereof, such amendment to be effected in the manner provided in Section 5 of this Article III for the establishment and designation of Series. At any time that there are no Shares outstanding of any particular class previously established and designated of a Multi-Series Class, the Trustees may abolish that class and rescind the establishment and designation thereof, either by amending this Declaration of Trust in the manner provided in Section 5 of this Article III for the establishment and designation of classes (if such class was established and designated by an amendment to this Declaration of Trust), or by vote or written consent of a majority of the then Trustees (if such class was established and designated by Trustee vote or written consent).
Elimination of Series or Class. At any time that there are no Shares outstanding of any particular Series previously established and designated, the Trustees may abolish and rescind the establishment and designation of that Series by vote or written consent of a majority of the then Trustees. At any time that there are no Shares outstanding of any particular class previously established and designated of a Multi-Class Series, the Trustees may abolish that class and rescind the establishment and designation thereof by vote or written consent of a majority of the then Trustees.
Elimination of Series or Class. At any time that there are no Shares outstanding of any particular Series or class previously established and designated, the Board of Trustees may by resolution of a majority of the then Board of Trustees abolish that Series or class and rescind the establishment and designation thereof.
Elimination of Series or Class. At any time that there are no Shares outstanding of any particular Series previously established and designated, the Trustees may abolish and rescind the establishment and designation of that Series, either by amending this Declaration of Trust in the manner provided in Section 5 of this Article III for the establishment and designation of Series (if such Series was established and designated by an amendment to this Declaration of Trust), or by vote or written consent of a majority of the then Trustees (if such Series was established and designated by Trustee vote or written consent). At any time that there are no Shares outstanding of any particular class previously established and designated of a Multi- Class Series, the Trustees may abolish that class and rescind the establishment and designation thereof, either by amending this Declaration of Trust in the manner provided in Section 5 of this Article III for the establishment and designation of classes (if such class was established and designated by an amendment to this Declaration of Trust), or by vote or written consent of a majority of the then Trustees (if such class was established and designated by Trustee vote or written consent).
Elimination of Series or Class. At any time that there are no Shares outstanding of a Series or Class, the Trustees may abolish such Series or Class.
Elimination of Series or Class. At any time there are no Shares outstanding of any particular Series previously established and designated, the Trustees may amend this Declaration of Trust to abolish that Series and to rescind the establishment and designation thereof. At any time that there are no Shares outstanding of any particular class previously established and designated of a Multi-Series Class, the Trustees may abolish that class and rescind the establishment and designation thereof, either by amending this Declaration of Trust (if such class was established and designated by an amendment to this Declaration of Trust), or by vote or written consent by a majority of the then Trustees (if such class was established and designated by Trustee vote or written consent)."
VII. The last sentence of Section 9 of Article III of the Agreement is hereby deleted.
VIII. The last sentence of Section 10 of Article III of the Agreement is hereby deleted.
IX. The first sentence of Section 1 of Article V of the Agreement is hereby deleted and replaced with the following: "The Shareholders shall not have the power to vote on any matter except: (i) for the election or removal of Trustees to the extent and as provided in this Article V, Section 1 and Article V, Section 7 hereof, respectively, and (ii) with respect to such additional matters relating to the Trust as may be required by law or as the Trustees may consider and determine necessary or desirable."
X. The first three sentences of Section 3 of Article V of the Agreement are hereby amended and replaced to read as follows: "Except when a larger quorum is required by law, by the By-Laws or by this Declaration of Trust, 30% of the Shares entitled to vote shall constitute a quorum at a Shareholder's meeting. When any one or more Series or classes is to vote as a single class separate from any other Shares which are to vote on the same matters as a separate class or classes, 30% of the Shares of each such class entitled to vote shall constitute a quorum at a Shareholder's meeting of that class. Any meeting of Shareholders may be adjourned from time to time by the Chairman of the Trustees, or by the proposal and vote of the persons named as proxies, whether or not a quorum is present, and the meeting may be held as adjourned within a reasonable time after the date set for the original meeting without further notice."
XI. Section 8 of Article VIII of the Agreement is hereby amended and restated in its entirety to read as follows: "The Trustees may by ...
Elimination of Series or Class. At any time that there are no ------------------------------ Shares outstanding of any particular Series previously established and designated, the Trustees may amend this Declaration of Trust to abolish that Series and to rescind the establishment and designation thereof, such amendment to be effected in the manner provided in Section 5 of this Article III for the establishment and designation of Series. At any time that there are no Shares outstanding of any particular class previously established and designated of a Multi-Series
Elimination of Series or Class. At any time that there are no Shares outstanding of any particular Series previously established and designated, the Trustees may abolish that Series and rescind the establishment and designation thereof, such amendment to be effected in the manner provided in this Section 6 of this Article III for the establishment and designation of Series. At any time that there are no Shares outstanding of any particular class previously established and designated of a Multi-Series Class, the Trustees may abolish that class and rescind the establishment and designation thereof, by vote or written consent of a majority of the then Trustees (if such class was established and designated by Trustee vote or written consent).