Common use of Chairman of the Board of Managers Clause in Contracts

Chairman of the Board of Managers. The Managers shall by majority vote elect one Manager to serve as Chairman of the Managers. The Chairman of the Managers shall preside at all meetings of the Managers and shall have such other powers and duties as usually pertain to such position or as may be delegated to him by the Managers. The Chairman of the Managers shall serve as such until the earlier of his death, resignation or removal from office by the Managers. In the event the individual ceases to serve as Chairman for any reason, the Managers shall elect a successor Chairman. In the absence of the Chairman at any meeting of the Managers, the other Managers present at such meeting shall designate a Manager to preside at such meeting.

Chairman of the Board of Managers. The Managers shall may by majority vote elect one Manager to serve as Chairman of the Managers. The Chairman of the Managers shall preside at all meetings of the Managers and shall have such other powers and duties as usually pertain to such position or as may be delegated to him by the Managers. The Chairman of the Managers shall serve as such until the earlier of his death, resignation or removal from office by the Managers. In the event the individual ceases to serve as Chairman for any reason, the Managers shall may elect a successor Chairman. In the absence of the Chairman at any meeting of the Managers, the other Managers present at such meeting shall designate a Manager to preside at such meeting.