Common use of Election of Governors Clause in Contracts

Election of Governors. Governors shall be divided into three groups, Class One, Class Two, or Class Three, with such classification to serve as the basis for staggering the terms among the Governors. At each annual meeting of the Members, approximately one third of the Governors shall be elected for terms of three (3) years by the Class A Members and Class B Members, voting together as a single class. Nominees for open Governor positions shall be elected by a plurality vote of the Class A Units and Class B Units represented at the annual meeting so that the nominees receiving the greatest number of votes relative to the votes cast for their competitors shall be elected Governors. Each shall serve until a successor is elected and qualified, or until his or her earlier death, resignation, removal or disqualification.