Common use of Implied Amendments Clause in Contracts

Implied Amendments. Any action taken or authorized by the shareholders by the affirmative vote of the holders of a majority of the shares of each voting group entitled to vote thereon or by the Board of Directors by the affirmative vote of a majority of the directors, shall be given the same effect as though the Bylaws had been temporarily amended so far as is necessary to permit the specific action so taken or authorized. mwI410074_1

Appears in 2 contracts

Samples: Equity Agreement (Cellular Dynamics International, Inc.), Equity Agreement (Cellular Dynamics International, Inc.)

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Implied Amendments. Any action taken or authorized by the shareholders by the affirmative vote of the holders of a majority of the shares of each voting group entitled to vote thereon or by the Board of Directors by the affirmative vote of a majority of the directors, shall be given the same effect as though the Bylaws had been temporarily amended so far as is necessary to permit the specific action so taken or authorized. mwI410074_1.

Appears in 2 contracts

Samples: Equity Agreement (Cellular Dynamics International, Inc.), Equity Agreement (Cellular Dynamics International, Inc.)

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