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This sounds like more than just designating a successor if the trustee dies or resigns. The right to replace language implies that the settlor can remove the trustee. Advised that the settlor is the...
The bank as trustee does not control the trust. Usually the issuer whose v/s are held in the ESOP has the right to remove/replace the trustee. If this is the case, the issuer controls the ESOP. If not...