HomeMy WebLinkAbout0229 ARTICLE 19 - COI~ENSATION OF TRUSTEE
As compensation for its services hereunder, the Trustee sha]1
receive fees according to its schedule of fees in existence at the time
such services are rendered. Such commissions may be charged currently
or deferred in the discretion of the Trustee.
The Trustee shall have the right to make a reasonable charge each
year for its services in prepar}ng income and other tax returns for the
trust estate. Sutch charge may be made to the corpus of the trust estate
or to the income thereof or partly to one and partly to the other in the
discretion of the Trustee.
ARTICLE 20 - RESIGNATION OF•TRUSTEE
The Trustee may resign at any time by giving thirty (30) days
written notice to that effect to all adult beneficiaries then receiving
income hereunder. In such event, those beneficiaries then receiving a
majority of such income shall have the right to appoint a Successor
~ Trustee which must be a trust company or bank possessing trust powers;
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~ and if such beneficiaries shall fail to so appoint within said thirty
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~ (30) day period, the Trustee shall have the right to petition a court of
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~ competent jurisdiction to appoint a Successor Trustee hereunder. Promptly
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~ af~ter receiving notice of the appointment of a Successor Trustee, the
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~ Trustee hereunder shall~render its final accounting and shall transfer
~ and deliver to such successor all trust assets then held by it, whereupon
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~ it shall have full and complete acquittance of all assets so delivered
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and shall have no further duties hereunder; provided, however, that
~ nothing herein shall prevent any Trustee at any time from filing a
~f judicial settlement and accounting with a court of competent jurisdiction.
- Every Successor Trustee appointed hereunder shall possess and
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=;=:3 exercise all power and authority herein conferred upon the original
~y~ Trustee.
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