A Trustee shall have the right to resign as Trustee upon 30 days’ prior written notice to the Frankfort Common Council (unless the requirement of such notice is waived by the Frankfort Common council). The Frankfort Common Council may at any time remove a Trustee upon 30 days’ prior written notice to the Board of Trustees (unless the requirement of such notice is waived by the Board). In the event of the resignation or removal of a Trustee, a successor Trustee shall be elected by the participants at a special called election. The former Trustee shall deliver all Trust Fund assets to the successor Trustee or Trustees. Any such successor Trustee, without any further act, deed or conveyance, shall become vested with all rights, powers, duties and obligations with respect to the Trust Fund assets and the Trust hereunder with like effect as if originally named as Trustee herein.
(Ord. CO-01-17, passed 8-27-01)