Sub Boards Sample Clauses
The 'Sub Boards' clause defines the establishment and operation of subsidiary boards or committees under the main board of an organization. It typically outlines how these sub boards are formed, their composition, and the scope of their delegated authority, such as overseeing specific projects or functions. By providing a clear framework for delegation, this clause ensures efficient management and decision-making within complex organizations, allowing specialized groups to focus on particular areas while maintaining overall governance and accountability.
Sub Boards. The number and composition of the board of managers or similar governing body of each of Holdings LLC’s Subsidiaries (each a “Sub Board”) shall be determined from time to time by the Board; provided that so long as the Majority Summit Investors and the Majority KRG Investors are entitled to appoint an equal number of Managers to the Board, each Sub Board shall consist of an equal number of Summit Managers and KRG Managers. The Company’s Chief Executive Officer shall also be entitled to serve on each Sub Board.
Sub Boards. At the request of the Cova Majority Holders or the ▇▇▇▇▇ Majority Holders, as applicable, the Company shall cause the Cova Board Representative(s) or the ▇▇▇▇▇ Board Representative, as applicable, to have proportional representation (relative to their percentage on the Board) on the board of directors (or equivalent governing body) of each Subsidiary of the Company.