Common use of Action by Trustees Clause in Contracts

Action by Trustees. A majority of the Trustees in office at any one time, but not less than three Trustees, shall constitute a quorum at any meeting of the Board of Trustees. Meetings of the Trustees shall be held from time to time upon the call of the Chairman of the Board or any two Trustees. Notice of any meeting shall be given at least 3 days before the meeting. The Trustees shall act pursuant to the vote or written consent, with or without a meeting, of more than half their number in office at any one time. No action of the Board shall be effective without a meeting unless all Trustees then in office shall sign, before or after such action is taken, a written consent to such action and waiver of meeting; provided, however, that the lack of such consent and waiver shall not be raised to defeat the rights of any third party who has in good faith relied upon such action. In case of the death or resignation of one or more Trustees, or vacancies occurring in the Board of Trustees for any reason, the vacancies so created may be filled by the Trustee or Trustees remaining in office at the time, and each new Trustee shall serve for the unexpired term of his predecessor and until the election and qualification of his successor. No vacancy on the Board of Trustees shall operate to diminish the powers of the Trustee or Trustees remaining in office. The provisions of this Section 3.6 relating to call and notice of meetings of the Trustees may be varied by By-Laws adopted by the Trustees.