Designation of Chairman. The functions of the Commission with respect to choosing a Chairman from among the Commissioners composing the Commission are hereby transferred to the President. Message of the President To the Congress of the United States: I transmit herewith Reorganization Plan No. 10 of 1950, prepared in accordance with the Reorganization Act of 1949 and providing for reorganizations in the Se- curities and Exchange Commission. My reasons for transmitting this plan are stated in an accompanying general message. After investigation I have found and hereby declare that each reorganization included in Reorganization Plan No. 10 of 1950 is necessary to accomplish one or more of the purposes set forth in section 2(a) of the Re- organization Act of 1949. The taking effect of the reorganizations included in this plan may not in itself result in substantial imme- diate savings. However, many benefits in improved op- erations are probable during the next years which will result in a reduction in expenditures as compared with those that would be otherwise necessary. An itemiza- tion of these reductions in advance of actual experience under this plan is not practicable. Xxxxx X. Xxxxxx.
Designation of Chairman. 12 Section 2.8
Designation of Chairman. The Minority Stockholders shall have the right to designate the Chairman of the Board of Directors as provided in this Section 2.7. In connection with each annual meeting of the Board of Directors occurring prior to the third anniversary date of this Agreement, each Minority Stockholder shall be entitled to nominate one Director as a candidate for Chairman of the Board of Directors. Each Stockholder shall cause such Stockholder's respective designee or designees on the Board of Directors to vote so as to elect one of such nominees as
Designation of Chairman. In connection with each annual meeting of the Board of Directors occurring prior to the third anniversary date of this Agreement, the Chairman of the Board of Directors shall be elected in the same manner as required for the determination of the Fundamental Issues set forth in clauses (iv) through (vii) of Section 2.9. Notwithstanding anything in this Agreement to the contrary, the term of a Chairman elected hereunder shall not extend past the third anniversary date of this Agreement. Upon the occurrence of a vacancy in the office of Chairman for any reason, the Stockholders shall call, notice and commence a special meeting of the Stockholders within ten Business Days of the occurrence of such vacancy for the purpose of filling such vacancy. At such meeting, a new Chairman of the Board of Directors shall be elected in the same manner as provided in this Section 2.7 for election at an annual meeting. Following three years after the date of this Agreement, the Chairman of the Board of Directors shall be elected as provided in the Bylaws.
