Common use of Term of Office of Directors Clause in Contracts

Term of Office of Directors. The Directors shall hold office during the lifetime of this Company, and until its termination as herein provided; except (a) that any Director may resign his directorship by written instrument signed by him and delivered to the other Directors, which shall take effect upon such delivery or upon such later date as is specified therein; (b) that any Director may be removed, with or without cause, at any time by written instrument, signed by at least two-thirds of the number of Directors prior to such removal, specifying the date when such removal shall become effective; (c) that any Director who requests in writing to be retired or who has died, become physically or mentally incapacitated by reason of disease or otherwise, or is otherwise unable to serve, may be retired by written instrument signed by a majority of the other Directors, specifying the date of his retirement; and (d) that a Director may be removed, with or without cause, at any meeting of the Shareholders of the Company by a vote of Shareholders holding at least two-thirds of the Outstanding Shares of the Company voting as a single class.