Common use of MEETINGS OF BOARD OF MANAGERS; ACTION IN LIEU OF MEETINGS Clause in Contracts

MEETINGS OF BOARD OF MANAGERS; ACTION IN LIEU OF MEETINGS. If at any time there is more than one Manager, (a) meetings of the Board of Managers may be held upon the written or telephonic request of any Manager, (b) attendance at a meeting of a majority of the Board of Managers shall constitute a quorum for the purpose of transacting business at that meeting, (c) the act of a majority of the Managers present at a meeting of the Board of Managers at which a quorum is present shall be deemed to constitute the act of the Board of Managers and (d) the Board of Managers may conduct meetings by means of a conference telephone or similar equipment, and may take action by written consent of a majority of the Managers without a meeting if a majority of the Managers consent in writing.

MEETINGS OF BOARD OF MANAGERS; ACTION IN LIEU OF MEETINGS. If at any time there is more than one Manager, (a) meetings of the Board of Managers may be held upon the written or telephonic request of any Manager, (b) attendance at a meeting of a majority of the Board of Managers shall constitute a quorum for the purpose of transacting business at that meeting, (c) the act of a majority of the Managers present at a meeting of the Board of Managers at which a quorum is present shall be deemed to constitute the act of the Board of Managers and (d) the Board of Managers may conduct meetings by means of a conference telephone or similar equipment, equipment and any person participating by such means shall be deemed present in person at such meeting. The Board of Managers may also take action by written consent of a majority of the Managers without a meeting if a majority of the Managers on the Board of Managers consent thereto in writing.