Common use of Establishment of Series and Classes of Shares Clause in Contracts

Establishment of Series and Classes of Shares. The establishment of any Series (or Class) of Shares shall be effective upon the adoption by the Trustees of a resolution that sets forth the designation of, or otherwise identifies, such Series (or Class), whether directly in such resolution or by reference to, or approval of, another document that sets forth the designation of, or otherwise identifies, such Series (or Class) including any Registration Statement, or as otherwise provided in such resolution. The relative rights and preferences of each Series and each Class shall be as set forth herein and as set forth in any Registration Statement relating thereto, unless otherwise provided in the resolution establishing such Series or Class. Any action that may be taken by the Trustees with respect to any Series or Class, including any addition, modification, division, combination, classification, reclassification, change of name or termination may be made in the same manner as the establishment of such Series or Class. Shares of each Series (or Class) established pursuant to this Article III, unless otherwise provided in the resolution establishing such Series (or Class), shall have the following relative rights and preferences: