Voting Method for Classes Sample Clauses
The "Voting Method for Classes" clause defines the procedures by which different classes of stakeholders, such as shareholders or creditors, cast votes on matters requiring their approval. Typically, this clause outlines the voting thresholds, the manner in which votes are collected (such as in person, by proxy, or electronically), and any special requirements for certain classes. For example, it may specify that a majority or supermajority of a particular class is needed to approve a merger or amendment. The core function of this clause is to ensure a clear, fair, and orderly process for decision-making among distinct groups, thereby preventing disputes and ensuring that all relevant parties have an appropriate say in significant corporate actions.
Voting Method for Classes. Subject to the governance rights of any Other Class of Units, Members shall vote by Class, and the Members shall take action by the affirmative vote of the majority of voting power of each Class authorized to vote as provided in this Agreement for: (1) approval of certain mergers or consolidations as provided in Section 5.1(c); (2) approval of certain dispositions of all or substantially all of the assets of the Company under Sections 5.1(c); (3) approval of dissolution of the Company under Article 7; and (4) approval of certain amendments of this Agreement under Article 6. In the election (or removal) of Directors by the Members under Section 5.3, Members shall take action by the affirmative vote of a majority of the voting power of the Class electing (or removing) the Director, present either in person, by proxy, or by mail ballot, at a duly held meeting of the Members at which a Quorum is present for the transaction of business.
Voting Method for Classes. Subject to the governance rights of the designation of any other Class of Units, Members shall vote by Class, and the Members shall take action by the affirmative vote of the majority of voting power of each Class authorized to vote as provided in this Agreement for: (1) approval of certain mergers or consolidations as provided in Section 5.1(c); (2) approval of certain dispositions of all or substantially all of the assets of the Company under Sections 5.1(c); (3) approval of dissolution of the Company under Article 7; and (4) approval of certain amendments of this Agreement under Article 6. In the election (or removal) of Managers by the Members under Section 5.3(b), Members shall take action by the affirmative vote of a majority of the voting power of the Class or Classes electing (or removing) the Manager, present either in person, by proxy, or by mail ballot, at a duly held meeting of the Members at which a quorum is present for the transaction of business.
Voting Method for Classes. Subject to the governance rights of the designation of any other Class of Units, Members shall vote by Class and the Members shall take action by the affirmative vote of the majority of voting power of each Class authorized to vote as provided in this Agreement, unless otherwise specifically provided for in this Agreement. In the election (or removal) of Directors by the Members under Section 5.3(b), Members shall take action by the affirmative vote of a majority of the voting power of the Class or Classes electing (or removing) the Director, present either in person, by proxy, or by mail ballot, at a duly held meeting of the Members at which a quorum is present for the transaction of business.