Common use of Action by Consent of Members Clause in Contracts

Action by Consent of Members. Any action that may be taken at a meeting of the Members may be taken without a meeting if an approval in writing setting forth such action is signed by Members owning (in the aggregate) 80% or more of the outstanding Units; provided, subject to Section 9.02, that a vacancy of the Board may be filled without a meeting if an approval in writing setting forth such action is signed by Members owning (in the aggregate) a Majority Interest.

Action by Consent of Members. Any action that may be taken at a meeting of the Members may be taken without a meeting if an approval in writing setting forth such action is signed by Members owning (in the aggregate) holding 80% or more of the outstanding Units; provided, subject to Section 9.02, that a vacancy of the Board may be filled without a meeting if an approval in writing setting forth such action is signed by Members owning (in the aggregate) holding a Majority Interest.