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1999-07-12 Resolution 133
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1999-07-12 Resolution 133
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7/16/2008 2:36:45 PM
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7/16/2008 2:28:12 PM
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Section 10. Successor Escrow Trustee. <br />(a) If at any time hereafter the Escrow Trustee shall resign, be removed, be <br />dissolved or otherwise become incapable of acting, or shall be taken over by any governmental <br />official, agency, department or board, a successor Escrow Trustee may be appointed by the <br />Authority. <br />(b) In the case a vacancy arises in the position of Escrow Trustee, the Authority <br />may appoint a temporary Escrow Trustee to fill such vacancy until a successor Escrow Trustee shall <br />be appointed as provided in Section 9(a), and any such temporary Escrow Trustee shall immediately <br />and without further action be superseded by the Escrow Trustee so appointed. In the event no <br />successor Escrow Trustee is appointed within ninety (90) days after appointment of a temporary <br />Escrow Trustee by the Commission in accordance with Section 9(a), such temporary Escrow Trustee <br />shall become the successor Escrow Trustee. <br />(c) Every such .Escrow Trustee appointed pursuant to the provisions of this <br />Section 9 shall be a corporation with trust powers organized and in good standing under the banking <br />laws of the United States or the State of Indiana, and shall have at the time of appointment capital <br />and surplus of not less than $5,000,000 or be a member of the bank group or bank holding company <br />with aggregate capital and surplus of not less than $5,000,000. <br />(d) Every successor Escrow Trustee appointed hereunder shall execute, <br />acknowledge and deliver to its predecessor and to the Authority an instrument in writing accepting <br />such appointment hereunder; and thereupon such successor Escrow Trustee, without any further act, <br />deed or conveyance, shall become fully vested with all the estates, properties, rights, immunities, <br />powers, trusts, duties and obligations of such predecessor; and every predecessor Escrow Trustee <br />• <br />-8- <br />::ODMA\PCDOCS\SBDOCS 1\37351\I <br />
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