PCG » Topics » Section 12. Resignation and Removal of The Trustee
This excerpt taken from the PCG 10-K filed Feb 18, 2005.
Section 12. Resignation and Removal of The Trustee
to a Change of Control, the Trustee may resign at any time by written notice to the Company, which shall be effective sixty (60) days after receipt of such notice unless
the Company and the Trustee agree otherwise. Following a Change of Control, the Trustee may resign only after the appointment of a successor Trustee.
Trustee may be removed by the Company on sixty days (60) days notice or upon shorter notice accepted by the Trustee prior to a Change of Control. Subsequent to a Change of
Control, the Trustee may only be removed by the Company with the consent of a majority of the Participants.
the Trustee resigns within two years after a Change of Control, as defined herein, the Company, or if the Company fails to act within a reasonable period of time following such
resignation, the Trustee shall apply to a court of competent jurisdiction for the appointment of a successor trustee or for instructions.
resignation or removal of the Trustee and appointment of a successor Trustee, all assets shall subsequently be transferred to the successor Trustee. The transfer shall be
completed within sixty (60) days after receipt of notice of resignation, removal or transfer, unless the Company extends the time limit.
the Trustee resigns or is removed, a successor shall be appointed by the Company, in accordance with Section 13 hereof, by the effective date of resignation or removal under
paragraph(s) (a) or (b) of this section. If no such appointment has been made, the Trustee may apply to a court of competent jurisdiction for appointment of a successor or for
instructions. All expenses of the Trustee in connection with the proceeding shall be allowed as administrative expenses of the Trust.
"Section 12. Resignation and Removal of The Trustee" elsewhere: