Common use of Action by the Board Clause in Contracts

Action by the Board. Any meeting of the Board conducted by telephone shall be deemed to take place at the principal office of the Fund or any other place, as determined by the Board. Subject to the requirements of the 1940 Act and other applicable federal law, the Board may delegate to any one or more of Managers, officers or other agents of the Fund the authority of the Board to approve particular matters or take particular actions on behalf of the Fund. Written consents or waivers of the Board may be executed in one or more counterparts. Execution of a written consent or wavier and delivery thereof to the Fund may be accomplished by telefax, e-mail or other electronic means.