Successor Voting Trustee Clause Samples
The Successor Voting Trustee clause establishes the process for appointing a new voting trustee if the original trustee is unable or unwilling to continue in their role. Typically, this clause outlines the criteria for selecting a successor, the authority responsible for the appointment, and the continuity of the trustee's powers and duties. By providing a clear mechanism for succession, the clause ensures uninterrupted management of voting rights and prevents disputes or gaps in governance if a trustee's position becomes vacant.
Successor Voting Trustee. (a) The Voting Trustee may, at any time, resign by giving written notice to the registered holders of the Voting Trust Certificates to take effect 30 days thereafter or upon prior acceptance thereof by the registered holders of the Voting Trust Certificates.
(b) In the event of resignation of the Voting Trustee, the successor Voting Trustee shall be such person as may be designated by the holders of Voting Trust Certificates representing a majority of the Voting Trust Stock.
(c) Notwithstanding the provisions of Section 7(b) hereof, no person designated as a successor Voting Trustee shall serve as a Voting Trustee hereunder until such person has agreed in writing to be bound by the obligations contained in this Agreement whereupon such successor Voting Trustee shall succeed to and become vested with all the rights, powers, privileges and duties of a Voting Trustee under this Agreement.
Successor Voting Trustee. The Voting Trustee may resign at any time by giving written notice 30 days prior to the date of such resignation to the holders of the Voting Trust Certificates. The resigning Voting Trustee is hereby authorized to appoint a successor Voting Trustee, which shall be a direct or indirect wholly owned subsidiary of the resigning Voting Trustee with assets of not less than $500,000,000. Upon the acceptance in writing by a successor Voting Trustee of any appointment as Voting Trustee hereunder and the agreement in writing of such successor Voting Trustee to be bound by the obligations contained in this Agreement, (i) the retiring Voting Trustee shall give written notice to (a) the Corporation of its retirement, and direct that all notices due to it by virtue of its position as Voting Trustee should be sent to the successor Voting Trustee and (b) to the holders of the Voting Trust Certificates providing the name, address and contact person at the successor Voting Trustee, and (ii) such successor Voting Trustee shall succeed to and become vested with all the rights, powers, privileges and duties of the retiring Voting Trustee and such successor Voting Trustee shall deliver to the Corporation written notice of its acceptance of the position of Voting Trustee, and (iii) upon (but only upon) such acceptance, the retiring Voting Trustee shall be discharged from further responsibilities under this Agreement provided that the retiring Voting Trustee shall not be relieved of any liability incurred hereunder prior to such acceptance by its successor.
Successor Voting Trustee. If, for any reason the Voting Trustee ceases to be Voting Trustee, a successor Voting Trustee shall be designated within 45 days of notice of the resignation of the Voting Trustee. Saratoga Lighting Holdings LLC, its successors or assigns, may designate the successor Voting Trustee. If Saratoga Lighting Holdings LLC, its successors or assigns, fails to so designate a successor Voting Trustee within 60 days following notice of the resignation of the Voting Trustee, any Shareholder may petition any court of competent jurisdiction in the County of Cuyahoga, State of Ohio for appointment of a successor Voting Trustee. Upon acceptance of designation as successor Voting Trustee, the successor Voting Trustee shall have all of the rights and duties of the Voting Trustee hereunder.
Successor Voting Trustee. If, for any reason, the Voting Trustee ceases to be Voting Trustee, a successor Voting Trustee shall be designated by GE. If GE fails to designate a successor Voting Trustee, or if such successor fails to accept the rights and duties of the Voting Trustee, within 45 days of notice of the death, disability, or resignation of the Voting Trustee, the Shareholders owning a majority of the Shares may designate the successor Voting Trustee. If the Shareholders fail to so designate a successor Voting Trustee within 60 days following notice of the death, disability, or resignation of the Voting Trustee, any Shareholder may petition any court of competent jurisdiction in the County of Cuyahoga, State of Ohio for appointment of a successor Voting Trustee. Upon acceptance of designation as successor Voting Trustee, the successor Voting Trustee shall have all of the rights and duties of the Voting Trustee hereunder.
Successor Voting Trustee. If the Voting Trustee becomes unable to perform the duties required under this Agreement or executes a written resignation, the Board of Directors must appoint a successor Voting Trustee. REVIEW ONLY
Successor Voting Trustee. If a Voting Trustee shall cease to qualify as the Voting Trustee, the Voting Trust Committee will appoint a successor Voting Trustee. The successor Voting Trustee may be the Chief Executive Officer, the President, the Chief Financial Officer, or one of the Corporation’s independent directors. An officer of the Corporation will qualify to serve as Voting Trustee so long as such person continues to serve as an officer of the Corporation and provided that such person is not a family member of ▇▇▇▇▇▇▇▇▇ and does not have a business relationship with ▇▇▇▇▇▇▇▇▇ outside the Corporation. An independent director of the Corporation will qualify to serve as Voting Trustee so long as such person continues to be an independent director of the Corporation. The right, powers, and obligations of the Voting Trustee shall be possessed by any successor Voting Trustee as though such successor had originally been a party to this Agreement.
Successor Voting Trustee. (A) A successor Voting Trustee must agree in writing to be bound by and to comply with the provisions of this Agreement.
(B) An outgoing Voting Trustee will execute all documents and do all acts and things that may be reasonably required in order to vest a successor Voting Trustee with all of the responsibilities, obligations, duties and powers of a Voting Trustee under this Agreement.
(C) The Shareholders agree to do all acts and things and execute all documents necessary to give full force and effect to all of the provisions of this section 2. REVIEW ONLY
Successor Voting Trustee. Any successor trustee appointed as provided under this Agreement shall execute, acknowledge and deliver to the Parent and Exchangeco and to its predecessor trustee an instrument accepting such appointment. Thereupon the resignation or removal of the predecessor trustee shall become effective and such successor trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, duties and obligations of its predecessor under this Agreement, with the like effect as if originally named as trustee in this Agreement. However, on the written request of the Parent and Exchangeco or of the successor trustee, the trustee ceasing to act shall, upon payment of any amounts then due it pursuant to the provisions of this Agreement, execute and deliver an instrument transferring to such successor trustee all the rights and powers of the trustee so ceasing to act. Upon the request of any successor trustee, the Parent, Exchangeco and such predecessor trustee shall execute any and all instruments in writing for more fully and certainly vesting in and confirming to such successor trustee all such rights and powers.
Successor Voting Trustee. The Trustee (and any successor trustee) may at any time resign by mailing to the registered holders of Voting Trust Certificates a written resignation, to take effect ten days thereafter, or upon the prior acceptance thereof. Upon the death, incapacity or unwillingness to act of Jean ▇. ▇▇▇▇▇▇▇, ▇▇ upon her resignation as Voting Trustee, Caro▇▇▇ ▇. ▇▇▇▇▇▇ ▇▇▇ll become successor Voting Trustee for Jean ▇. ▇▇▇▇▇▇▇. ▇▇on the death, incapacity or unwillingness to act of Caro▇▇▇ ▇. ▇▇▇▇▇▇, ▇▇ upon her resignation as Voting Trustee, Char▇▇▇ ▇. ▇▇▇▇▇▇▇ ▇▇▇ll become successor Voting Trustee for Caro▇▇▇ ▇. ▇▇▇▇▇▇.
Successor Voting Trustee. If ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇ shall resign or for any other reason cease or be unable to serve as the Voting Trustee, and no successor is appointed as provided below, then ▇▇▇▇▇ ▇. ▇▇▇▇▇▇ shall, upon acceptance of the trust, serve as the Voting Trustee.