Effective Date; Term. This Agreement shall become effective on the date first above written, provided that this Agreement shall not take effect unless it has first been approved: (1) by a vote of a majority of the Trustees who are not “interested persons” (as defined in the Act) of any party to this Agreement (“Independent Trustees”), cast in person at a meeting called for the purpose of voting on such approval, and (ii) by vote of “a majority of the outstanding voting securities” (as defined in the Act) of the Fund. This Agreement shall continue for two years from the date of this Agreement and from year to year thereafter provided such continuance is specifically approved at least annually by (i) the Fund’s Board of Trustees or (ii) a vote of a majority of the outstanding voting securities of the Fund, provided that in either event such continuance is also approved by a majority of the Independent Trustees, by vote cast in person at a meeting called for the purpose of voting on such approval. If the SEC issues an order to the Fund and the Fund Manager for an exemption from Section 15(a) of the Act, then, in accordance with the application of the Fund and the Fund Manager, the continuance of this Agreement after initial approval by the Trustees as set forth above, shall be subject to approval by a majority of the outstanding voting securities of the Fund at the regularly scheduled annual meeting of the Fund’s shareholders next following the date of this Agreement.
Appears in 21 contracts
Samples: Portfolio Management Agreement (Liberty All Star Equity Fund), Portfolio Management Agreement (Liberty All Star Equity Fund), Portfolio Management Agreement (Liberty All Star Equity Fund)
Effective Date; Term. This Agreement shall become effective on the date first above written, provided that this Agreement shall not take effect unless it has first been approved: (1) by a vote of a majority of the Trustees Directors who are not “interested persons” (as defined in the Act) of any party to this Agreement (“Independent TrusteesDirectors”), cast in person at a meeting called for the purpose of voting on such approval, and (ii) by vote of “a majority of the outstanding voting securities” (as defined in the Act) of the Fund. This Agreement shall continue for two years from the date of this Agreement and from year to year thereafter provided such continuance is specifically approved at least annually by (i) the Fund’s Board of Trustees Directors or (ii) a vote of a majority of the outstanding voting securities of the Fund, provided that in either event such continuance is also approved by a majority of the Independent TrusteesDirectors, by vote cast in person at a meeting called for the purpose of voting on such approval. If the SEC issues an order to the Fund and the Fund Manager for an exemption from Section 15(a) of the Act, then, in accordance with the application of the Fund and the Fund Manager, the continuance of this Agreement after initial approval by the Trustees Directors as set forth above, shall be subject to approval by a majority of the outstanding voting securities of the Fund at the regularly scheduled annual meeting of the Fund’s shareholders next following the date of this Agreement.
Appears in 13 contracts
Samples: Portfolio Management Agreement (Liberty All Star Growth Fund Inc.), Portfolio Management Agreement (Liberty All Star Growth Fund Inc.), Portfolio Management Agreement (Liberty All Star Growth Fund Inc.)
Effective Date; Term. This Agreement shall become effective on the date first above written, provided that this Agreement shall not take effect unless it has first been approved: (1) by a vote of a majority of the Trustees who are not “"interested persons” " (as defined in the Act) of any party to this Agreement (“"Independent Trustees”"), cast in person at a meeting called for the purpose of voting on such approval, and (ii) by vote of “"a majority of the outstanding voting securities” " (as defined in the Act) of the Fund. This Agreement shall continue for two years from the date of this Agreement and from year to year thereafter provided such continuance is specifically approved at least annually by (i) the Fund’s 's Board of Trustees or (ii) a vote of a majority of the outstanding voting securities of the Fund, provided that in either event such continuance is also approved by a majority of the Independent Trustees, by vote cast in person at a meeting called for the purpose of voting on such approval. If the SEC issues an order to the Fund and the Fund Manager for an exemption from Section 15(a) of the Act, then, in accordance with the application of the Fund and the Fund Manager, the continuance of this Agreement after initial approval by the Trustees as set forth above, shall be subject to approval by a majority of the outstanding voting securities of the Fund at the regularly scheduled annual meeting of the Fund’s 's shareholders next following the date of this Agreement.
Appears in 5 contracts
Samples: Portfolio Management Agreement (Liberty All Star Equity Fund), Portfolio Management Agreement (Liberty All Star Equity Fund), Portfolio Management Agreement (Liberty All Star Equity Fund)
Effective Date; Term. This Agreement shall become effective on the date first above written, provided that this Agreement shall not take effect unless it has first been approved: (1) by a vote of a majority of the Trustees who are not “interested persons” (as defined in the Act) of any party to this Agreement (“Independent Trustees”), cast in person at a meeting called for the purpose of voting on such approval, and (ii) by vote of “a majority of the outstanding voting securities” (as defined in the Act) of the Fund. This Agreement shall continue for two years one year from the date of this Agreement and from year to year thereafter provided such continuance is specifically approved at least annually by (i) the Fund’s Board of Trustees or (ii) a vote of a majority of the outstanding voting securities of the Fund, provided that in either event such continuance is also approved by a majority of the Independent Trustees, by vote cast in person at a meeting called for the purpose of voting on such approval. If the SEC issues an order to the Fund and the Fund Manager for an exemption from Section 15(a) of the Act, then, in accordance with the application of the Fund and the Fund Manager, the continuance of this Agreement after initial approval by the Trustees as set forth above, shall be subject to approval by a majority of the outstanding voting securities of the Fund at the regularly scheduled annual meeting of the Fund’s shareholders next following the date of this Agreement.
Appears in 4 contracts
Samples: Portfolio Management Agreement (Liberty All Star Equity Fund), Portfolio Management Agreement (Liberty All Star Equity Fund), Portfolio Management Agreement (Liberty All Star Growth Fund Inc.)
Effective Date; Term. This Agreement shall become effective on upon the date first above written, provided that this Agreement shall not take effect unless it has first been approved: (1i) by a vote of a majority of the Trustees who are not “"interested persons” " (as defined in the Act) of any party to this Agreement (“"Independent Trustees”"), cast in person at a meeting called for the purpose of voting on such approval, and (ii) by vote of “a majority of the outstanding voting securities” (as securities of the Fund(as defined in the Act) of the Fund). This Agreement shall continue for two years from the date of this Agreement until ______, 2007, and from year to year thereafter provided such continuance is specifically approved at least annually by (i) the Fund’s 's Board of Trustees or (ii) a vote of a majority of the outstanding voting securities of the Fund, provided that in either event such continuance is also approved by a majority of the Independent TrusteesTrustees of any party to this Agreement, by vote cast in person at a meeting called for the purpose of voting on such approval. If the SEC issues an order to the Fund and the Fund Manager for an exemption from Section 15(a) of the Act, then, in accordance with the application of the Fund and the Fund Manager, the The aforesaid requirement that continuance of this Agreement after initial approval by the Trustees as set forth above, be "specifically approved at least annually" shall be subject to approval by construed in a majority of manner consistent with the outstanding voting securities of Act and the Fund at the regularly scheduled annual meeting of the Fund’s shareholders next following the date of this Agreementrules and regulations thereunder.
Appears in 1 contract
Samples: Portfolio Management Agreement (Liberty All-Star Mid Cap Fund)