Common use of Managing Member Approval Clause in Contracts

Managing Member Approval. Other than as provided for in Article X, the submission of any action of the Company or a Series to Members for their consideration shall first be approved by the Managing Member; provided that the Managing Member must call a meeting of Series Members in the sixth and seventh years following the Acquisition Date of the associated Artwork to vote on its sale or disposition. The Managing Member shall have full power and authority concerning the manner of conducting any meeting of the Series Members, including the determination of Persons entitled to vote, the existence of a quorum, the satisfaction of the requirements of this Article 13, the conduct of voting, the validity and effect of any proxies and the determination of any controversies, votes or challenges arising in connection with or during the meeting or voting. The Managing Member shall designate a Person to take the minutes of any meeting. All minutes shall be kept with the records of the Company.