Regl. 3215, art. 13
Successor Trustee. The Trustee
Length: 183 wordsOfficial source
Cite as Reglamento Núm. 3215, Art. 13
may resign or the Grantor may replace the
Trustee, but such resignation or replacement
shall not he effective until the Crantor has
appointed a successor trustee and this
successor accepts the appointment. The
successor trustee shall have the same powers
and duties as those conferred upon the
Trustee hereunder. Upon the successor
trustee's acceptance of the appointment. the
Truslee shall assign. transfer, and pay over to
the successor trustee the funds and properties
then constituting the Fund. If for any reason
the Grantor cannot or does not act in the
event of the resignation of the Trustee, the
Trustee may apply to a court of competent
jurisdiction for the appointment of a
successor trustee or for instructions. The
successor trustee shall specify the date on
which it assumes administration of the trust
in a writing sent to the Grantor, the EPA
Regional Administrator. and the present
Trustee by certified mail 10 days before such
change becomes effective. Any expenses
incurred by the Trustee as a result of any of
the acts contemplated by this Section shall be
paid as provided in Section 9.