Common use of Number and Tenure Clause in Contracts

Number and Tenure. Subject to the 1940 Act and other applicable federal law, the number of Managers shall be such number as shall be determined from time to time by the Board; provided, that this number shall not be fewer than three; provided, further, that at any time there are fewer than three Managers, until additional managers are appointed as provided herein, the Managers in office shall be fully authorized and empowered to conduct the activities of the Fund as provided herein. Subject to the 1940 Act and other applicable federal law, each Manager shall hold office until his or her successor is elected and qualified or until his or her earlier death, resignation, or removal. Any Manager may be removed with or without cause by action of two-thirds of the Managers (excluding the Manager to be removed).