Repository: UIHistories Project: Board of Trustees Minutes - 1960 [PAGE 228]

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UNIVERSITY OF ILLINOIS

225

tion, and also all reasonable expenses, charges, counsel fees and other disbursements, including those of its attorneys, agents, and employees, incurred in and about the performance of their powers and duties under this Resolution and the Trustee shall have a lien therefor on any and all funds at any time held by it under this Resolution. T h e University further agrees to indemnify and save the Trustee harmless against any liabilities which it may incur in the exercise and performance of its powers and duties hereunder, and which are not due to its negligence or default. SECTION 9.05. Certain Permitted Acts. T h e Trustee may become the owner of any Bonds and coupons or act as depositary for or loan money to the University or the State of Illinois or any agency or department thereof, or otherwise deal therewith in each case with the same rights it would have if it were not Trustee hereunder. T o the extent permitted by law, the Trustee may act as depositary for, and permit any of its officers or directors to act as a member of, or in any other capacity with respect to, any committee formed to protect the rights of Bond holders or to effect or aid in any reorganization growing out of the enforcement of the Bonds or this Resolution, whether or not any such committee shall represent the holders of a majority in principal amount of the Bonds then outstanding. SECTION 9.06. Resignation of Trustee. The Trustee may at any time resign and be discharged of the duties and obligations created by this Resolution by giving not less than sixty (60) days' written notice to the University and publishing notice thereof, specifying the date when such resignation shall take effect, once in each week for two successive calendar weeks in one daily newspaper published in the English language and of general circulation in the City of Chicago, Illinois, and in a financial newspaper published in the English language and of general circulation in the Borough of Manhattan, City and State of New York, and such resignation shall take effect upon the day specified in such notice unless previously a successor shall have been appointed by the University or the Bond holders as provided in Section 9.08, in which event such resignation shall take effect immediately on the appointment of such successor. SECTION 9.07. Removal of Trustee. The Trustee may be removed at any time by an instrument or concurrent instruments in writing, filed with the Trustee and signed by the holders of a majority in principal amount of the Bonds then outstanding or their attorneys-in-fact duly authorized, excluding any Bonds held by or for the account of the University. SECTION 9.08. Appointment of Successor Trustee. In case at any time the Trustee shall resign or shall be removed or shall become incapable of acting, or shall be adjudged a bankrupt or insolvent, or if a receiver, liquidator or conservator of the Trustee, or of its property, shall be appointed, or if any public officer shall take charge or control of the Trustee, or of its property or affairs, a successor may be appointed by the holders of a majority in principal amount of the Bonds then outstanding, excluding any Bonds held by or for the account of the University, by an instrument or concurrent instruments in writing signed and acknowledged by such Bond holders or by their attorneys-in-fact duly authorized and delivered to such successor Trustee, notification thereof being given to the University and the predecessor Trustee; provided, nevertheless, that unless a successor Trustee shall have been appointed by the Bond holders as aforesaid, the University by a duly executed written instrument signed by an Authorized Officer of the University shall forthwith appoint a Trustee to fill such vacancy until a successor Trustee shall be appointed by the Bond holders as authorized in this Section 9.08. T h e University shall publish notice of any such appointment made by it once in each week for two consecutive calendar weeks, in one daily newspaper published in the English language and of general circulation in the City of Chicago, Illinois, and in a financial newspaper published in the English language and of general circulation in the Borough of Manhattan, City and State of New York, the first publication to be made within twenty (20) days after such appointment. Any successor Trustee appointed by the University shall, immediately and without further act, be superseded by a Trustee appointed by the Bond holders. If in a proper case no appointment of a successor Trustee shall be made pursuant to the foregoing provisions of this Section within forty-five (45) days after the Trustee shall have given to the University written notice as provided in Section 9.06 or after a vacancy in the office of the Trustee shall have occurred by reason of removal or its inability to act, the Trustee or the holder of any Bond