Common use of Meetings of Trustees and Committees Clause in Contracts

Meetings of Trustees and Committees. The Trustees (and any committee thereof) may act at a meeting held in person or in whole or in part by conference telecommunications equipment or similar equipment by means of which all persons participating in the meeting can hear each other. Participation in a meeting pursuant to any such communication system shall constitute presence in person at such meeting. Regular meetings of the Trustees shall be held at such time and place as shall be fixed by the Trustees. Such meetings may be held without notice. Special meetings of the Trustees (and meetings of any committee thereof) may be held from time to time upon the call of the Chairman, the President, the Secretary or any two Trustees (or, in the case of a committee, the chairman of the committee). Notice of the time, date and place of any meeting of the Trustees (or any committee thereof) shall be given by the party calling the meeting to each Trustee (or committee member) by telephone, facsimile, telegram or other electronic means sent to the person’s home, business or electronic mail address at least twenty-four (24) hours in advance of the meeting or by written notice mailed via first class mail to the person’s home or business address at least seventy-two (72) hours in advance of the meeting. Notice may be waived in writing by any Trustee or committee member either before or after a Trustee or committee meeting, respectively. Delivery of such waiver may be accomplished by mail, facsimile, or other electronic means approved by the Trustees. The attendance of a Trustee or a committee member at a Trustee meeting or committee meeting, respectively, shall constitute a waiver of notice of such meeting except where a Trustee or committee member attends the meeting for the express purpose of objecting to the transaction of any business on the ground that the meeting has not been properly convened. The Chairman, if any, shall act as chairman at all meetings of the Trustees; in absence of a chairman, the Trustees present shall elect one of their number to act as temporary chairman. One-third, but not less than two, of the Trustees shall constitute a quorum at any meeting unless there is only one Trustee. Except as the Trustees may otherwise determine, one-third of the members of any committee, but not less than two, shall constitute a quorum at any committee meeting. Trustees who are interested persons in any action to be taken may be counted for quorum purposes under this Section 3.10 and shall be entitled to vote to the extent not prohibited by the 1940 Act. Unless provided otherwise in this Declaration or as otherwise required under the 1940 Act, the vote of a majority of the Trustees (or committee members) present at a meeting at which a quorum is present shall be the act of the Trustees (or any committee thereof).