(A)The trustees of this trust, except as hereinafter provided, shall, ex officio, be the same persons who currently shall be the acting members of the legally constituted governing body of the beneficiary municipality without distinction as to the office held; provided, that the person who currently shall be the presiding officer of the governing body of the beneficiary municipality shall, ex officio, be chairman of this trust.
(1) Each undersigned trustee shall continue as such, unless temporarily replaced pursuant to division (D) of this section, until succeeded and replaced by some other person as an officer of the beneficiary municipality above designated, ex officio, to be a trustee and such other person shall have qualified as a trustee hereunder as provided in division (E) of this section.
(2)Each person who shall become such an above designated officer of the beneficiary municipality shall be entitled to qualify as, and to become, a trustee hereunder and to continue as such, unless temporarily replaced pursuant to division (D) of this section, until succeeded and replaced by some other person as such officer of the beneficiary municipality and such other person shall have qualified as a trustee hereunder as provided in division (C) of this section; provided, that in the event the number of persons constituting the governing body of the beneficiary municipality shall be reduced by or pursuant to applicable law, any person who shall cease to be a member of the governing body of the beneficiary municipality shall, forthwith, cease to be a trustee of this trust.
(3)All of the legal rights, powers and duties of each trustee shall terminate when he shall cease to be a trustee hereunder and all of such legal rights, powers and duties shall devolve upon his successor and successors, with full right and power of the latter to do or perform any act or thing which his predecessor or any predecessor could have done or performed.
(B)Each trustee qualifying under this instrument shall continue as such until his successor shall have qualified as provided in division (E) of this section.
(C)The determination of the fact of a vacancy shall be vested exclusively in the remaining trustees and their determination of such fact shall be conclusive; and, in the event that such a vacancy shall be determined to exist, the remaining trustees may fill such vacancy pending qualification, as provided in division (E) of this section, of the person entitled so to do.
(D)The trustees may contract, in connection with the incurring of any funded indebtedness secured by the trust estate and/or its revenues, or any part of either or both, that temporary trustees, residents of Hughes County, Oklahoma, and approved by the district court of the county or a judge of the court, may be appointed to act in place and instead of permanent trustees in relation to the security for such funded debt, in such number that such temporary trustees may constitute a majority of the trustees, in the event of a default under any instrument securing such debt or pursuant to which such debt be incurred. Any such contract, if made, shall provide for the method of appointment of each temporary trustee and shall also provide that any such appointment shall designate the permanent trustee to be so temporarily supplanted. Each such temporary trustee so appointed shall, after he shall have qualified as provided in division (E) of this section, supplant in all respects the permanent trustee so designated in relation to the security for such funded debt; and, during the term of any such temporary trustee, the permanent trustee so supplanted shall be wholly without authority, duty, or liability of any kind in relation to the security for such funded debt, under the terms of this instrument. All temporary trustees shall cease to have any power or authority upon the termination of all defaults by which their appointments would have been authorized, and, automatically, the permanent trustees supplanted shall be reinstated.
(E)All trustees, and all temporary trustees appointed hereunder, shall qualify by written acceptance of all the terms of this duly acknowledged and filed in the office of the County Clerk of Hughes County, Oklahoma, and by subscribing and filing in the office of the authority such oaths as shall be required by law of public officers of the State of Oklahoma.
(F)Upon each change of personnel of the trustees hereunder, the trustees shall cease to be filed in the office of the County Clerk mentioned in division (E) of this section, a certificate as to the entire personnel, of the trustees of this trust.
(G)The acceptance of the office of trustee of this trust shall not constitute the trustees hereunder, permanent or temporary, or both, to be in partnership or association, but each shall be an individual and wholly independent trustee only.
(H)Notwithstanding any provision of this instrument which shall appear to provide otherwise, no trustee or trustees shall have any power or authority to bind or obligate any other trustee, or the beneficiary of this trust, in his or its individual, capacity.
(I)All persons, firms, associations, trusteeships, corporations, municipalities, governments, and all agents, agencies and instrumentalities thereof, contracting with any trustee or trustees, permanent or temporary or both, shall take notice that all expenses and obligations, and all debts, damages, judgments, decrees or liabilities incurred by any trustee or trustees, permanent or temporary or both, and any of the foregoing incurred by any agent, servant or employee of any such trustee or trustees, in the execution of the purposes of this trust, whether arising from contract or tort, shall be solely chargeable to, and payable out of, the trust estate. In no event shall any trustee, permanent or temporary, or the beneficiary of this trust, be in any manner individually liable for any injury or damage to persons or property, or for breach or obligation, caused by, arising from, incident to, or growing out of the execution of this trust; nor shall they, or any of them, be liable for the acts or omissions of each other or of any agent, servant or employee of the aforesaid trustees, or of another such trustee; provided however, that the foregoing shall not apply to any willful or grossly negligent breach of trust of any trustee.