Common use of Delegation by Directors Clause in Contracts

Delegation by Directors. Subject only to any limitations required by federal law, including the Investment Company Act, the Directors may delegate any and all powers and authority hereunder as they consider desirable to any officer of the Company, to any committee of the Directors, any committee composed of Directors and other persons and any committee composed only of persons other than Directors and to any agent, independent contractor or employee of the Company or to any service provider of the Company, including the Investment Manager, Transfer Agent and custodian, provided that such delegation of power or authority by the Directors shall not cause any Director to cease to be a Director of the Company or cause such person, officer, agent, employee, or service provider to whom any power or authority has been delegated to be a Director of the Company. The reference in this Agreement to the right of the Directors to, or circumstances under which they may, delegate any power or authority, or the reference in this Agreement to the authorized agents of the Directors or any other Person to whom any power or authority has been or may be delegated pursuant to any specific provision of this Agreement, shall not limit the authority of the Directors to delegate any other power or authority under this Agreement to any Person, subject only to any limitations under federal law including the Investment Company Act.

Delegation by Directors. Subject only to any limitations required by federal law, law including the Investment Company Act, the Directors may delegate any and all powers and authority hereunder as they consider desirable to any officer of the Company, to any committee of the Directors, any committee composed of Directors and other persons and any committee composed only of persons other than Directors and to any agent, independent contractor or employee of the Company or to any service provider of the Company, including the Investment Manager, Transfer Agent and custodian, provided that such delegation of power or authority by the Directors shall not cause any Director to cease to be a Director of the Company or cause such person, officer, agent, employee, employee or service provider to whom any power or authority has been delegated to be a Director of the Company. The reference in this Agreement to the right of the Directors to, or circumstances under which they may, delegate any power or authority, or the reference in this Agreement to the authorized agents of the Directors or any other Person to whom any power or authority has been or may be delegated pursuant to any specific provision of this Agreement, shall not limit the authority of the Directors to delegate any other power or authority under this Agreement to any Person, subject only to any limitations under federal law including the Investment Company Act.