HomeMy WebLinkAbout0396 .~;~.37 5i~
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title to the tru5i pruj;cr•i.y shall vest in the surviving br remaining Trustees
until a successor to the outgoing Trustee shall be appointed and shall have ~
• qualified, ~vhereupon the title to the entire trust property shall vest in the
ne~v Board of Trustees as joint tenants. .
In the event of the death of the last surviving Truste~, legal
~ title shall, pending the appointment of new Trustees, vest temporarily in the
executor of the will or in the administrator of the estate of the deceased
Trustee, and any shareholder shall be entitled forthwith to call a special
meeting of the shareholders for the purpose of electing a new Board of Trus-
tees, and for such purpose any such shareholder is hei=~by fully empowered
`to sign and issue notices and to call to order any such meeting of the share-
holders.
The Trustees so elected shall hold office until the qualificatio
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~ ! of the Trustees elected at the next annual meeting of the Trustees. •
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~ No formal transfer shall be necessary to vest title in the ~
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~ new Trustees when any change occurs in the Board of Trustees,•but it shall .
be the duty of the Board of Trustees to secure any formal transfer which they
may deem advisable from any partyor parties having acted as 'I`i•ustees here-
under, or from the administrator or executor of any deceased Trustee, and
it shall be the duty of any such xetiring Trustee or of the administrator or
executor of any deceased Trustee to make such transfer.
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~ ARTICLE XI - SHAR.ES AND
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~ ~ SHAR~HOLllERS
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~ The beneficial interest of the shareholders shall b~
~ represented by transferable shares which, at the outset, shall consist of one
class, namely, commoti sliares without par value. These common sliares
~ shall have exclusivc voting power in the few instances where thcy arc .
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- ~ - gooK 171 PAGE ~
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