Common use of INFORMAL ACTION BY MEMBERS Clause in Contracts

INFORMAL ACTION BY MEMBERS. Any action required to be taken at a meeting of the Members, or any other action which may be taken at a meeting of the Members, may be taken without a meeting, without prior notice and without a vote, if a consent in writing, setting forth the action so taken, shall be signed by the holders of Membership Shares having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all Membership Shares entitled to vote thereon were present and voted. Any such consent shall be delivered to the Company by delivery to its principal place of business or agent of the Company having custody of the book in which proceedings of the Members are recorded. Prompt notice of the taking of such action without a meeting by less than unanimous written consent shall be given to those Members who have not consented in writing and who, if the action had been taken at a meeting, would have been entitled to notice of the meeting if the record date for such meeting had been the date on which written consents signed by a sufficient number of Members to take the action were delivered to the Company as provided above.