Number; Term of Office; Qualifications; Vacancies. (a) The business and affairs of the Fund shall be managed under the direction of its Board of Directors, each of whom shall be at least twenty-one years of age. A majority of the entire Board of Directors may establish, increase or decrease the number of directors, provided that the number thereof shall never be less than the minimum number required by the Maryland General Corporation Law (the “MGCL”), nor more than 15, and further provided that the tenure of office of a director shall not be affected by any decrease in the number of directors. Subject to Section 3.2, each director shall hold office until the expiration of the term for which he or she is elected and until his or her successor has been elected and qualifies. If for any reason any or all the directors cease to be directors, such event shall not terminate the Fund or affect these Bylaws or the powers of the remaining directors hereunder, if any. Pursuant to the Fund’s election in Article IV of the charter, subject to applicable requirements of the Investment Company Act, except as may be provided by the Board of Directors in setting the terms of any class or series of preferred stock, (a) any vacancy on the Board of Directors may be filled only by a majority of the remaining directors, even if the remaining directors do not constitute a quorum, and (b) any director elected to fill a vacancy shall serve for the remainder of the full term of the class in which the vacancy occurred and until a successor is elected and qualifies. Each director who is not an “interested person,” as defined under the Investment Company Act, is referred to as an “independent director.”
Number; Term of Office; Qualifications; Vacancies. The business and affairs of the Corporation shall be managed by or under the direction of a Board of Directors. The number of directors that shall constitute the whole Board shall be determined by action of the Board of Directors taken by the affirmative vote of a majority of the whole Board. Directors shall be elected at the annual meeting of stockholders to hold office, subject to Sections 2.2 and 2.3, until the next annual meeting of stockholders and until their respective successors are elected and qualified. Vacancies and newly created directorships resulting from any increase in the authorized number of directors may be filled by a majority of the directors then in office, although less than a quorum, or by the sole remaining director, and the directors so chosen shall hold office, subject to Sections 2.2 and 2.3, until the next annual meeting of stockholders and until their respective successors are elected and qualified.
Number; Term of Office; Qualifications; Vacancies. The business of the Corporation shall be managed by the Board of Directors, each of whom shall be at least twenty-one years of age. The number of directors that shall constitute the entire Board of Directors shall be a minimum of nine and a maximum of thirteen, as shall be fixed by the Board of Directors by resolution from time to time. The number of directors is fixed at eleven. Directors shall be elected at each annual meeting of stockholders to hold office until the next annual meeting of stockholders. Subject to Sections 3.2 and 3.3, each director shall hold office until the expiration of the term for which he is elected and until his successor has been elected and qualified. The number of directors may be increased or decreased by amendment of the By-Laws, but no decrease shall shorten the term of any incumbent director. Newly created directorships resulting from an increase in the number of directors and vacancies occurring in the Board of Directors for any reason whatever including removal of directors without cause may be filled by a vote of a majority of the directors then in office, although less than a quorum exists. A director elected to fill a vacancy shall be elected to hold office for the unexpired term of his predecessor.
Number; Term of Office; Qualifications; Vacancies. The number of Directors that shall constitute the whole Board shall be four or such number as may be determined from time to time by action of the Board taken by the affirmative vote of a majority of the whole Board. Directors shall be elected at the annual meeting of the Member to hold office, subject to Section 5.2(c) and 5.2(d), until the next annual meeting of the Member and until their respective successors are elected and qualified. Vacancies and newly created directorships resulting from any increase in the authorized number of directors may be filled by a majority of the Directors then in office, although less than a quorum, or by the sole remaining Director, and the Directors so chosen shall hold office, subject to Sections 5.2(c) and 5.2(d), until the next annual meeting of the Member and until their respective successors are elected and qualified.
Number; Term of Office; Qualifications; Vacancies. The number of Directors that shall constitute the whole Board shall be three (3). Vacancies and newly created directorships resulting from any increase in the authorized number of directors may be filled by a majority of the Directors then in office, although less than a quorum, or by the sole remaining Director, and the Directors so chosen shall hold office, subject to Sections 4.2(c) and 4.2(d), until the next meeting of Members and until their respective successors are elected and qualified.
Number; Term of Office; Qualifications; Vacancies. The number of the directors constituting the entire Board of Directors shall be the number, not less than one nor more than ten, fixed from time to time by a majority of the total number of directors which the Corporation would have, prior to any increase or decrease, if there were no vacancies; provided, however, that no decrease shall shorten the term of an incumbent director. Until otherwise fixed by the directors, the number of directors constituting the entire Board shall be three (3). Directors shall be elected at the annual meeting of stockholders to hold office, subject to Sections 2.2 and 2.3, until the next annual meeting of stockholders and until their respective successors are elected and qualify. Vacancies and newly created directorships resulting from any increase in the authorized number of directors may be filled by a majority of the directors then in office, although less than a quorum, or by the sole remaining director, and the directors so chosen shall hold office, subject to Sections 2.2 and 2.3, until the next annual meeting of stockholders and until their respective successors are elected and qualify.
