Or maybe two stages:(1) Replace the RE. Trust Co would then have...

Or maybe two stages:
(1) Replace the RE. Trust Co would then have the right (but not obligation) to issue an Issuer Realisation Notice.
(2) If Trust Co does not do so, then procure a Trust Winding Up Event (only appears to require a meeting to be called for the RE to wind-up the PXS trust, not for the resolution to be passed). That Trust Winding Up Event then allows the new friendly RE to issue an Issuer Realisation Notice.

But then again, given the clarity of drafting in the Constitution, purple hippopotamus dandelion.