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the Board of Trustees. The notice of the election of a successor Trustee shall be furnished to the <br />other Trustees by the Chairperson. In case of the removal, death, resignation, etc. of the <br />Chairperson, notice of the election of a successor Trustee, and the new Chairperson, shall be <br />furnished to the other Trustees by the Administrator. Eligible nominees will be provided by the <br />members of the Local Finance Board of the Trustee being replaced; however, no more than one <br />member of such board may serve as Trustee at one time. If such nominees do not receive the <br />affirmative vote of a majority of the remaining Trustees, additional eligible nominees will be <br />provided by the Executive Directors of the Virginia Association of Counties and the Virginia <br />Municipal League from among the members of any Local Finance Board, and, if there are an <br />insufficient number of nominees to fill available positions, local government officials or local <br />government employees. The term of office of any Trustee so elected shall expire at the next <br />Annual Meeting of Local Finance Boards at which Trustees are elected where a successor shall <br />be elected to complete the term for the Class to which such Trustee has been assigned. Any <br />successor Trustee for a Class A Trustee from a founding Participating Employer with respect to <br />the initial two terms shall be appointed by that Trustee's Local Finance Board. <br />F. Trustees' Rights. In case of the death, resignation or removal of any one or more <br />of the Trustees, the remaining Trustees shall have the powers, rights, estates and interests of this <br />Agreement as Trustees and shall be charged with the duties of this Agreement; provided in such <br />cases, no action may be taken unless it is concurred in by a majority of the remaining Trustees. <br />Section 107. Bondine. All Trustees shall immediately make application for a fidelity bond, to <br />any company designated by the Board of Trustees, in such amount as may be specified by the <br />Board of Trustees. Premiums on such bonds shall be paid from the Trust Fund, which bonds <br />shall be continued in force in such amount as the Board of Trustees may from time to time <br />require. If a Trustee's bond is refused, or is ever cancelled, except with the Board of Trustee's <br />approval, such Trustee may be removed from office by majority vote of the Board of Trustees <br />and such Trustee shall be entitled to compensation, if any, to the date of such removal only. A <br />bond for a Trustee is not required under this section if a bond is obtained for such Trustee <br />pursuant to Section 408. <br />PART 2 — PROVISIONS APPLICABLE TO INVESTMENTS <br />Section 200. APPLICATION. <br />The provisions of Part 2 apply to the investments of the Trust Fund. <br />Section 201. ADMINISTRATION OF TRUST. <br />A. General. All such assets shall be held by the Trustees in the Trust Fund. <br />B. Contributions. The Board of Trustees hereby delegates to the Administrator the <br />responsibility for accepting cash contributions to the Trust Fund and the Administrator shall have <br />the responsibility for accepting cash contributions by Participating Employers. Contributions of <br />a Participating Employer to fund Other Post - Employment Benefits are irrevocable. Assets held <br />in the Trust Fund shall be dedicated to providing Other Post - Employment Benefits or to <br />As amended December 7, 2012 13 <br />