Common use of Appointment of a Director Clause in Contracts

Appointment of a Director. In the event of any vacancy in the position of a Director, the remaining Directors serving on the Board may appoint an individual to serve as a Director on the Board, so long as immediately after the appointment at least two-thirds (2/3) of the Directors then serving on the Board would have been elected by the Members. The Board may call a meeting of Members to fill any vacancy in the position of a Director, and must do so within 60 days after any date on which Directors who were elected by the Members cease to constitute a majority of the Board then serving.

Appears in 7 contracts

Samples: Limited Liability Company Agreement (Mercantile Absolute Return Fund LLC), Limited Liability Company Agreement (Mercantile Long Short Manager Fund LLC), Limited Liability Company Agreement (Mercantile Alternative Strategies Fund LLC)

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