Common use of Holdover to Cure Procedural Vacancies Clause in Contracts

Holdover to Cure Procedural Vacancies. Whenever an incumbent Director is a candidate for a Director position and a vacancy would be created due to expiration of the Director’s term , the Director may continue to serve, for up to an additional 12 months, until such time as an election of the Director’s position can be conducted, provided the vacancy arises from a lack of quorum or other procedural inability to elect a candidate for the Director position.

Holdover to Cure Procedural Vacancies. Whenever an incumbent Director is a candidate for a Director position and a vacancy would be created due to expiration of the Director’s term term, the Director may continue to serve, for up to an additional 12 months, until such time as an election of the Director’s position can be conducted, provided the vacancy arises from a lack of quorum or other procedural inability to elect a candidate for the Director position.