Endowment Governance Guidelines Sample Clauses

Endowment Governance Guidelines. Within ninety (90) days of the Effective Date, the Parties shall develop the Endowment Governance Guidelines to: (i) define the stated goals and purposes of the Endowment Fund; (ii) identify the designated members of the Scientific Committee in accordance with the terms of Section 2.4(a) (and the procedures for membership change or replacement, as needed); (iii) list the Designated Endowment Fund Activities set forth in Section 2.4(d); (iv) describe the procedural steps by which the Scientific Committee shall recommend Designated Endowment Fund Activities to the DESIGNATED ENDOWMENT FUND ENTITY for approval and implementation; (v) adopt an annual spending policy for the Endowment Fund; (vi) establish an annual reporting requirement for the DESIGNATED ENDOWMENT FUND ENTITY; and (vii) describe the procedural steps required to remove and replace the Designated Land Trust or, in the event the Designated Land Trust ceases to exist, to appoint a successor qualified charitable organization to maintain the Endowment Fund. In instances where actions are to be taken or recommendations by the Scientific Committee to the DESIGNATED ENDOWMENT FUND ENTITY, such actions or recommendations will be made by a super-majority rule (e.g., five out of seven votes). To the extent there is any challenge to a recommendation by the Scientific Committee or decision by the DESIGNATED ENDOWMENT FUND ENTITY, the Parties agree to mutually defend that decision or recommendation.
Sample 1
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Related to Endowment Governance Guidelines

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