Common use of Informal Action by Managers Clause in Contracts

Informal Action by Managers. Any action required or permitted to be taken at any meeting of the Managers may be taken without a meeting, if all of the Managers consent thereto in writing or by electronic transmission, and the writing or writings or electronic transmission or transmissions are filed with the minutes of proceedings of the Managers.

Informal Action by Managers. Any action required or permitted to be taken at any meeting of the Managers Management Board or any committee, if any, may be taken without a meeting, if all at least the number of Managers required to approve such action at a meeting consent to the Managers consent thereto action in writing or by electronic transmission, and the writing or writings or electronic transmission or transmissions written consents are filed with the minutes of proceedings records of the Managersmeetings of the Management Board.