Membership on Corporation Board Sample Clauses

Membership on Corporation Board. Membership on the Corporation’s board of directors should have an adequate representation of different neighborhood and interest groups in the immediate neighborhood, particularly low and moderate-income persons for which services are being provided. The Corporation's board of directors shall consist of at least seven (7) members, and shall meet not less than quarterly, during the Term. The Corporation shall make any necessary amendments to its Articles of Incorporation or By-Laws, or both, necessary to comply with this condition. It is further understood that all such necessary amendments shall be a condition precedent to the disbursement of any payments by the City to the Corporation under this Agreement. A list of the current members of the Corporation’s board of directors has been provided to the City, and, upon request, the Corporation shall provide to the City an updated list of current directors. Notwithstanding the above, the Corporation shall promptly notify the City in the event that the number of acting directors falls below seven (7) or the Corporation’s board fails to meet in any quarter.
Sample 1
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