Section 79-15-15 - The election and removal of trustees

The declaration of trust shall provide for the annual election of successor trustees by the holders of certificates of beneficial interest, and shall further provide for the election of successor trustees by the holder of beneficial interest in the event of the death, resignation or removal of a trustee. The election of successor trustees shall not be deemed an amendment to the declaration of trust within the meaning of this chapter.Codes, 1942, § 5570-08; Laws, 1962, ch. 238, § 8, eff. 5/15/1962.