Approval by Shareholders. This Plan shall not take effect until it has been approved (a) by a vote of a majority of the outstanding voting Class L shares of each Portfolio, if adopted after any public offering of such securities or the sale of such securities to persons who are not affiliated persons of the Fund, affiliated persons of such persons, promoters of the Fund, or affiliated persons of such promoters, and (b) by a vote of the Board of Directors, as described in Article VI.
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Samples: Distribution Agreement (Great-West Funds Inc), Distribution Agreement (Maxim Series Fund Inc), Distribution Agreement (Maxim Series Fund Inc)
Approval by Shareholders. This Plan shall not take effect until it has been approved (a) by a vote of a majority of the outstanding voting Class L G1 shares of each Portfolio, if adopted after any public offering of such securities or the sale of such securities to persons who are not affiliated persons of the Fund, affiliated persons of such persons, promoters of the Fund, or affiliated persons of such promoters, and (b) by a vote of the Board of Directors, as described in Article VI.
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