First Elected Term Sample Clauses

First Elected Term. (a) As soon as possible after the execution of this Agreement, the First Meeting shall be held at which directors of the Corporation shall be elected in accordance with the provisions of section 3. 1. The directors to be elected at the First Meeting shall be elected for a term (the "First Elected Term") expiring on July 31, 1998. (b) If the Corporation proposes to effect a Public Offering prior to July 31, 1998 and if the underwriters, in good faith, advise the Corporation and the Shareholders that the then current composition of the Board of Directors will likely have a material adverse effect on the pricing or number of the Common Shares to be sold pursuant to the Public Offering, then the Shareholders will consider, in good faith, altering the composition of the Board of Directors and modifying the terms of this Agreement in a manner consistent with the recommendations of the underwriters as well as the intent of this Agreement. The implementation will be conditional upon completion of the Public Offering. Nothing in this paragraph 3.4(b) shall impose any obligations or liabilities on the parties or shall result in any fiduciary duties being imposed or implied; this paragraph is intended merely to reflect an understanding that the parties will consider the implications of this Agreement on the likely success of an underwriting. (c) Following the expiry of the First Elected Term, directors of the Corporation shall be elected in accordance with the provisions of section 3.1 to hold office until the next annual meeting of shareholders of the Corporation or until their successors are elected or appointed.