Common use of Incapacity of a Director Clause in Contracts

Incapacity of a Director. (a) In the event of the Incapacity of a Director, the business of the Fund shall be continued by the remaining Directors. The remaining Directors shall, within 90 days, call a meeting of the Board of Directors for the purpose of designating a successor Director. Any such successor Director shall hold such office until his or her successor has been approved and elected by the Limited Partners. The Directors shall make such amendments to the certificate of formation and execute and file for recordation such amendments or other documents or instruments as are necessary and required by the Act or this Agreement to reflect the fact that such Incapacitated Director has ceased to be a Director and the appointment of such successor Director.

Incapacity of a Director. (a) In the event of the Incapacity of a Director, the business of the Fund Partnership shall be continued with the Partnership property by the remaining Directors. The remaining Directors shall, within 90 days, call a meeting of the Board of Directors for the purpose of designating a successor Director. Any such successor Director shall hold such office until his or her successor has been approved and elected by the Limited Partnerselected. The Directors shall make such amendments to the certificate Certificate of formation Limited Partnership and execute and file for recordation such amendments or other documents or instruments as are necessary and if required by the Act or this Agreement to reflect the fact that such Incapacitated Director has ceased to be a Director Director, and the appointment of such successor Director.