Common use of EXECUTIVE COMMITTEES Clause in Contracts

EXECUTIVE COMMITTEES. a. The Board of Directors may create one or more committees to serve at its pleasure by resolution adopted by a Super-Majority of the number of Board of Directors then in office when a quorum is present Each Committee shall consist of two (2) or more Directors appointed by a Super-Majority vote of the Board of Directors then in office. b. Any Executive Committee, to the extent provided in the resolution of the Board, shall have all the Authority of the Board, except with respect to the following actions: 1. The approval of any action for which the Approval of the Members or a majority of all Members is required by law; 2. The filling of vacancies on the Board or in any committee that has the Authority of the Board; 3. The fixing of compensation of the Directors for serving on the Board or on any committee; 4. The amendment or repeal of Bylaws or the adoption of new Bylaws; 5. The amendment or repeal of any resolution of the Board which by its express terms are not amendable or repealable; 6. The appointment of committees of the Board or the Members of such committees; and 7. The expenditure of corporate funds to support a nominee for Director. 8. The expenditure of corporate funds.