The individual Trustees shall have jointly with the corporate Trustee all the powers given the Trustees, except that no individual Trustee shall (a) participate in the exercise of (i) any tax election or allocation which affects such Trustee’s interests or the interests of any person whom such Trustee is legally obligated to support or (ii) any discretion to determine the propriety or amount of payments or distributions of income or principal to such Trustee or to any person whom such Trustee is legally obligated to support, or (b) possess any incident of ownership with respect to any policy of insurance on his or her life. Only the Trustees or Trustee qualified to participate in such tax election, allocation or discretion or to possess such incident of ownership shall exercise that tax election, allocation or discretion and possess that incident of ownership. For all purposes of this trust agreement, the term “Trustee” shall mean the Trustees or Trustee from time to time qualified and acting, and the term “corporate Trustee” shall mean The Northern Trust Company and any successor to it from time to time qualified and acting. The compensation, if any, of the individual Trustees shall be in addition to the full fee of the corporate Trustee. The corporate Trustee shall have sole custody of the trust property and records.
Except as otherwise provided, the Trustees shall act by a majority. If the Trustees qualified to participate in an action or decision of the Trustees are evenly divided, the vote of the [corporate Trustee] [individual Trustee] shall control. Any Trustee who is not qualified to participate in an action or decision of the Trustees and any dissenting Trustee shall have no liability for the acts of the majority.
Any Trustee may resign at any time by written notice to each other Trustee then acting and to each beneficiary then entitled to receive or eligible to have the benefit of the income from the trust.
In case of the death, resignation, refusal or inability to act of any individual Trustee acting or appointed to act hereunder, the remaining Trustees or Trustee shall have all the powers given the originally named Trustees.