Appointment of Committees. The Board of Managers, by a resolution adopted by a greater than two-thirds majority, shall designate an audit committee and may designate one or more other committees, each of which, to the extent provided in such resolution, shall have and exercise all the powers and authority of the Board of Managers except as otherwise prohibited by law.
Appears in 8 contracts
Samples: Operating Agreement (Macro Inflation Depositor, LLC), Operating Agreement (MacroShares $100 Oil Up Trust), Operating Agreement (Claymore MACROshares Oil Up Holding Trust)
Appointment of Committees. The Board of Managers, by a resolution adopted by a greater than two-thirds majority, shall designate an audit committee and may designate one or more other committees, each of which, to the extent provided in such resolution, shall have and exercise all the powers and authority of the Board of Managers except as otherwise prohibited by law.. ARTICLE V
Appears in 2 contracts
Samples: Operating Agreement (Claymore MACROshares Oil Up Holding Trust), Operating Agreement (Claymore MACROshares Oil Down Holding Trust)
