Common use of Informal Action by Shareholders Clause in Contracts

Informal Action by Shareholders. Any action required to be taken at a meeting of Shareholders or any other action which may be taken at a meeting of Shareholders may be taken without a meeting if a consent in writing setting forth the action so taken shall be signed by Shareholders having not less than the minimum number of votes that would be necessary to take such action at a meeting at which Shareholders entitled to vote thereon were present and voted. Such consent shall have the same force and effect as if such action had been taken at a meeting of Shareholders. Notice of the taking of such action shall be given promptly to each Shareholder that would have been entitled to vote thereon at a meeting of Shareholders and that did not consent thereto in writing.