Number, Term and Qualifications. No later than the time when the Trust first has public Shareholders, the number of Trustees shall be not less than three nor more than nine, as fixed from time to time by the Board of Trustees, a majority of whom shall at all times be Independent Trustees (except that in the event of death, resignation or removal of an Independent Trustee, the requirement for such majority shall not be applicable for a period of 60 days). Unless otherwise fixed by the Board of Trustees or the Shareholders, the number of Trustees constituting the entire board of Trustees shall be four. The following persons shall be the initial Trustees of the Trust to serve until the first meeting of Shareholders and until their successors are elected and qualify: Xxxxxxxxx Xxxxxxx, Xxxx X. Xxxxxxxx, Xxxxxxx X. Xxxxx and Xxxxxxx X. X'Xxxxxx, Xx. The Trustees shall be elected at the annual meeting of shareholders. Each Trustee shall serve a term of one year subject to his successor being elected and qualified. A Trustee shall be an individual at least 21 years of age who is not under legal disability. A Trustee shall not be required to devote his full business time and effort to the Trust. A Trustee shall qualify as such when he has either signed this Declaration of Trust or agreed in writing to be bound by it. No bond shall be required to secure the performance of a Trustee unless the Trustees so provide or as required by law. A Trustee must have at least three years of relevant experience demonstrating the knowledge and experience required successfully to acquire and manage Mortgage Investments. At least one Independent Trustee must have at least three years of relevant real estate experience. Nominations for the election of Trustees may be made by the Board of Trustees or a committee appointed by the Board of Trustees or by any Shareholder entitled to vote in the election of Trustees generally. However, any Shareholder entitled to vote in the election of Trustees generally may nominate one or more persons for election as Trustees at a meeting only if written notice of such Shareholders' intent to make such nomination or nominations has been given, either by personal delivery or by United States mail, postage prepaid, to the Secretary of the Trust not later than (i) with respect to an election to be held at an annual meeting of Shareholders, ninety days prior to the anniversary date of the immediately preceding annual meeting, and (ii) with respect to an election to be held at a special m...
Number, Term and Qualifications. The Chosen Productions, LLC shall be the Manager of the Company. Unless he or she resigns, the Manager shall hold office until a successor shall have been elected and qualified. The Manager shall be elected by the affirmative vote or written consent of Members holding a Majority Interest. A Manager need not be a Member, an individual, a resident of the State of Utah, or a citizen of the United States.
Number, Term and Qualifications. (i) The Company shall have three (3)
Number, Term and Qualifications. Each Manager holds office until his or her successor has been appointed. If all Managers have resigned or have been removed from office, the Members manage the business of the Company until they appoint successor Managers and those appointed have qualified.
Number, Term and Qualifications. During the term of this -------------------------------- Agreement, the authorized number of Managers shall consist of not less than seven (7) nor more than nine (9); three (3) of the Managers shall be selected by Knyal and the remaining Managers shall be selected by ICII; provided, however, that in the event that either of Knyal or ICII ceases to be a Member, his/its rights to the election of Managers under this Section 5.2.1 shall terminate. The number of Managers of the Company shall be fixed from time to time by the affirmative vote or written consent of a Majority Interest; the number of Managers will initially be seven (7). In no instance shall there be less than one Manager and provided further that if the number of Managers is reduced from more than one to one the Articles shall be amended to so state, and if the number of Managers is increased to more than one, the articles shall be amended to delete the statement that the Company has only one Manager. Unless he or she resigns or is removed, each Manager shall hold office for a term of five years. A Manager need not be a Member, an individual, a resident of the State of California, or a citizen of the United States.
Number, Term and Qualifications. The Board of Directors shall be comprised of four members (each, a "Director"), two designated by Nevada Gold, one designated by TrackPower and one designated by Southern Tier. Each of the Members agrees to vote or express consent with respect to all of their respective Membership Interests in favor of the election of a slate of Directors consisting of individuals meeting the requirements of this Section 4.2. The number of Directors of the Company, and the manner of designation and election of such Directors, may only be changed by unanimous vote of all Members, except as specifically provided in Section 7.2 of this Agreement or elsewhere in this Agreement. The initial members of the Board are as follows:
Number, Term and Qualifications. The LLC shall have one (1) Manager, who shall be the Manager named in Section 5.1 of this Agreement, or its successor or designee, except as otherwise expressly provided in this Agreement. The number of Managers of the LLC may be changed from time to time by the affirmative vote or written consent of the Manager and all Class A and Class B Members, provided that in no instance shall there be less than one Manager. Unless the Manager resigns or is removed, the Manager shall hold office until a successor shall have been elected and qualified. Managers shall be elected by the affirmative vote or written consent of Members holding a Majority Interest. The Manager need not be a Member, an individual, a resident of the State or a U.S. citizen.
Number, Term and Qualifications. The Board of Directors shall be comprised of five members (each, a “Director”). Each Member (other than Nevada Gold) shall have the right to designate one member to the Board. Nevada Gold shall have the right to designate two members to the Board. Any individual designated as a member to the Board by a Member pursuant to this Section 4.2(a) shall be referred to herein as such Member’s “Designee”. Each of the Members agrees to vote or express consent with respect to all of their respective Units in favor of the election of a slate of Directors consisting of individuals meeting the requirements of this Section 4.2. The number of Directors of the Company, and the manner of designation and election of such Directors, may only be changed by unanimous vote of all Members, except as specifically provided in Section 7.2 of this Agreement or elsewhere in this Agreement. Notwithstanding the foregoing, no Member shall have the right to designate a member to the Board, and such Member’s Designee shall be removed from the Board, if that Member’s Percentage is less than 10%, in which event the number of Directors on the Board shall be reduced by a corresponding number of Directors.
Number, Term and Qualifications. The Company shall have one (1) Administrative Member which must be a member of the Company. Unless it resigns (pursuant to the terms of this Agreement), is removed, or ceases to be a member of the Company, the Administrative Member shall hold office until a successor shall have been elected and qualified. Unless the Administrative Member resigns or is removed pursuant to Section 2.16(c), a new Administrative Member may not be appointed without the approval of the Executive Committee.
Number, Term and Qualifications. The Board of Directors shall consist of one or more members. At each regular meeting, the shareholders shall determine the number of directors; provided, that between regular meetings the authorized number of directors may be increased or decreased by the shareholders or increased by the Board of Directors. Each director shall serve for an indefinite term that expires at the next regular meeting of shareholders, and until such director's successor is elected and qualified, or until such director's earlier death, resignation, disqualification, or removal as provided by statute.'"
