Effect of Death, Resignation, etc. of a Director Clause Samples
The 'Effect of Death, Resignation, Etc. of a Director' clause outlines what happens when a director of a company dies, resigns, or is otherwise unable to continue serving. Typically, this clause specifies the procedures for filling the resulting vacancy, such as appointing a replacement director or allowing the board to continue operating with a reduced number of members until a new appointment is made. Its core function is to ensure continuity in the company's governance and decision-making by providing a clear process for handling unexpected changes in board composition.
Effect of Death, Resignation, etc. of a Director. The declination to serve, death, resignation, retirement, removal, incapacity, or inability of the Directors, or any one of them, shall not operate to terminate this Agreement or to revoke any existing agency created pursuant to the terms of this Agreement.
Effect of Death, Resignation, etc. of a Director. The death, declination to serve, resignation, retirement, removal or incapacity of one or more Directors, or all of them, shall not operate to annul the Company or to revoke any existing agency created pursuant to the terms of this Agreement. Whenever there shall be fewer than the designated number of Directors, until additional Directors are elected or appointed as provided herein to bring the total number of Directors equal to the designated number, the Directors in office, regardless of their number, shall have all the powers granted to the Directors and shall discharge all the duties imposed upon the Directors by this Agreement. As conclusive evidence of such vacancy, a written instrument certifying the existence of such vacancy may be executed by an officer of the Company or by a majority of the Directors. In the event of the death, declination, resignation, retirement, removal or incapacity of all the then Directors within a short period of time and without the opportunity for at least one Director being able to appoint additional Directors to replace those no longer serving, the Investment Manager is empowered to appoint new Directors subject to the provisions of Section 16(a) of the Investment Company Act.
Effect of Death, Resignation, etc. of a Director. The death, declination to serve, resignation, retirement, removal, or incapacity of one or more Directors, or all of them, shall not operate to annul the Company or to revoke any existing agency created pursuant to the terms of this Agreement. Whenever there shall be fewer than the designated number of Directors, until additional Directors are elected or appointed as provided herein to bring the total number of Directors equal to the designated number, the Directors in office, regardless of their number,
Effect of Death, Resignation, etc. of a Director. The death, declination, resignation, retirement, removal, or incapacity of one or more Directors, or all of them, shall not operate to annul the Trust or to revoke any existing agency created pursuant to the terms of this Declaration of Trust. Whenever a vacancy in the Board of Directors shall occur, until such vacancy is filled as provided in Article IV, Section 1, the Directors in office, regardless of their number, shall have all the powers granted to the Directors and shall discharge all the duties imposed upon the Directors by this Declaration of Trust. As conclusive evidence of such vacancy, a written instrument certifying the existence of such vacancy may be executed by an officer of the Trust or by a majority of the Board of Directors.
Effect of Death, Resignation, etc. of a Director. The death, declination, resignation, retirement, removal, or incapacity of one or more Directors, or all of them, shall not operate to annul the Trust or to revoke any existing agency created pursuant to the terms of this Declaration of Trust. Whenever a vacancy in the Board of Directors shall occur, until such vacancy is filled as provided in Article IV, Section 1 or Section 2, the Directors in office, regardless of their number, shall have all the powers granted to the Directors and shall discharge all the duties imposed upon the Directors by this Declaration of Trust. As conclusive evidence of such vacancy, a written instrument certifying the existence of such vacancy may be executed by an officer of the Trust or by a majority of the Board of Directors. In the event of the death, declination, resignation, retirement, removal, or incapacity of all the then Directors within a short period of time and without the opportunity for at least one Director being able to appoint additional Directors to fill vacancies, the Trust's principal Investment Manager is (or if there is not such principal Investment Manager, a majority of the Trust's Investment Managers are) empowered to appoint new Trustees subject to the provisions of Section 16(a) of the 1940 Act.