Resignation and Removal of Directors. Any director may resign at any time by delivering his resignation in writing to the chairman, president or secretary of the corporation, to take effect at the time specified in the resignation; the acceptance of a resignation, unless required by its terms, shall not be necessary to make it effective. Any or all of the directors may be removed at any time, either with or without cause, by vote of the stockholders.
Resignation and Removal of Directors. Any director may resign by written notice to the President noting the effective date of the resignation. The Membership may remove a director with cause by vote in accordance with Section 3.9 Voting of these Bylaws. Removal proceedings may only be initiated by a petition signed by not less than twenty percent of the Members. The petition shall state the specific grounds for removal and shall specify whether the removal vote is to be taken at a special meeting of Members or at the next regular meeting of Members. A director who is the subject of removal proceedings shall be given fifteen days to respond to the Member petition in writing to the President. Effective Date: 8/5/2010 - Docket #: ER10-2145
Resignation and Removal of Directors. In the event that a RGGPLS Director or a Xxxxxxx Director shall resign, retire, be removed, die or no longer be able to serve (for whatever reason) prior to the expiration of the term of the Class to which such director was elected, then (A) if such director shall be a RGGPLS Director, then RGGPLS shall have the exclusive right to designate an individual to fill such vacancy and the entire Board of Directors shall fill such vacancy with such person, and (B) if such director shall be a Xxxxxxx Director, then Xxxxxxx shall have the exclusive right to designate an individual to fill such vacancy and the entire Board of Directors shall fill such vacancy with such person. The term of any director elected to fill a vacancy shall expire at the end of the term of the Class for which such director’s predecessor was elected.
Resignation and Removal of Directors. A manager may resign at any time by giving notice to the Company. The Members may remove any manager at any time with or without cause.
Resignation and Removal of Directors if a Director fails to satisfy the condition that the shareholders hold the relevant outstanding shares of the Company as specified in Section 2.2 (a), or is otherwise no longer suitable to act as a Director ("Cause of Resignation"), such Director shall submit his or her written resignation to the Company within five (5) Business Days after the occurrence of such resignation. In addition, a Director shall only be removed by the shareholder who appointed such Director at any time with or without cause upon written notice to the Board of Directors. However, any Director shall be removable by the Board of Directors in cases of fraud, gross negligence or gross fault, breach of his duties as a Director or where the Director no longer satisfies the condition that the shareholders hold the corresponding issued shares under Section 2.2 (a), and does not give his resignation within a prescribed period of time.
Resignation and Removal of Directors. (A) Any Director may resign at any time by tendering written notice of his resignation to the Board. Any resignation unless conditioned on acceptance, will be effective on the date stated in the notice or, if no date is stated, on the date tendered. Further, a resignation from the board of directors of NYMEX shall be deemed a simultaneous resignation from the Board. NYMEX shall take such action, including, without limitation, removing a Director, as required to ensure that the members of the board are identical to the members of the Board of NYMEX.
Resignation and Removal of Directors. Any director may resign effective upon giving written notice to the chairman of the board, the president, the secretary, or the board of directors of the corporation, unless the notice specifies a later lime for the effectiveness of such resignation in which case such resignation shall be effective at the time seed, Unless such resignation specifies otherwise, its acceptance by the corporation shall net be necessary to make it effective. The board of directors may declare vacant the office of a. director who has been declared of unsound mind by an order of court or convicted of a felony. Any or all of the directors may be removed without cause if such removal is approved by the affirmative vote of a majority of the outstanding shares entitled to vote provided that no director may be removed (unless the entire board is removed) when the votes cast against removal (or, if such action is taken by written consent, the shares held by persons not consenting in writing to such removal) would be sufficient to elect such director if voted cumulatively at an election at which the same total number of votes were cast (or, if such action is taken by written consent, all shares entitled to vote were voted) and the entire number of directors authorized at the time of the director's most recent election were then being elected, No reduction of the authorized number of directors shall have the effect of removing any director before his term of office expires.
Resignation and Removal of Directors. A Director may resign at any time upon written notice to the Company. The resignation of a Director shall not affect the rights of the Sustaining Member that designated such Director. The resignation of any Director shall take effect upon receipt of notice thereof by the Company or at such later time as shall be specified in such notice; and unless otherwise specified therein, the acceptance of such resignation shall not be necessary to make it effective.
(a) A Director may be removed, with or without cause, at any time by the Sustaining Member that designated such Director.
(b) The Board of Directors shall have the right to remove any Director for cause.
(c) A Director shall be deemed to resign if the Director ceases to be Associated With the Sustaining Member that appointed such Director.
(d) In the event that a vacancy is created on the Board of Directors due to the resignation or removal of a Director, a new Director may be appointed by the Sustaining Member that appointed such Director. If the Sustaining Member that designated the Director that resigned or was removed suffered a Membership Termination Event, then the remaining Sustaining Members of the applicable Membership Group shall elect a replacement Sustaining Member who shall then designate a replacement Director. Such replaced Director shall finish the term of the removed Director and shall be up for re-election upon the same timing and conditions of the removed Director. At any time that a Membership Group described in Sections 4.02(a)(i)-(iii) represented on the Board is less than number assigned for such Membership Group (i.e., 7, 4, 4), the Directors’ votes in such Membership Groups shall be pro-rated upwards such that the number of Director votes assigned for such Membership Groups shall equal the number assigned to such Membership Group (i.e., 7, 4, 4). In the event the Board of Directors increases the number of Directors, the Board of Directors shall determine the method of appointing such new Directors. Schedule A shall be updated from time to time to reflect changes to the Directors and Alternate Directors. The Schedule A maintained by the Secretary of the Company shall be deemed the current list of the Company’s Sustaining Members, Directors and Alternate Directors without any need to amend the version attached hereto.
Resignation and Removal of Directors. Any director may resign at any time by delivering his or her resignation in writing, including by means of electronic transmission, to the president or secretary of the corporation, to take effect at the time when delivered (unless otherwise specified therein) and the acceptance of a resignation, unless required by its terms, shall not be necessary to make it effective. Subject to applicable law and the rights of the holders of any series of preferred stock with respect to such series of preferred stock, any or all of the directors may be removed at any time, either with or without cause, by vote of the holders of a majority of the stock having voting power and entitled to vote thereon.
Resignation and Removal of Directors. (a) Except as may otherwise be required by law, a Director, other than the Chief Executive Officer, may resign at any time for any or no reason by giving written notice to the Chair, the Board or the Chief Executive Officer. Such resignation shall take effect at the time specified in the notice, or if not so specified, at the time such resignation is first submitted.
(b) A Director, other than the Chief Executive Officer, may be removed for any or no reason by a Majority Vote that includes the vote of the Chief Executive Officer, excluding the Director being considered for removal, who also shall not vote on the matter.
(c) A Director, other than the Chief Executive Officer may be removed for cause by a vote of a majority of those Directors then in office (an “Absolute Majority”) that includes the vote of the Chief Executive Officer, excluding the Director being considered for removal, who also shall not vote on the matter. For purposes of this subsection (c), “cause” shall mean a Director’s, as determined in the sole opinion of the Directors voting for such removal, with their being absolutely no recourse against the Corporation or any of its officers, employees, or Directors by the Director being removed as a result of such removal: (1) commission of fraud (including but not limited to any acts of embezzlement or misappropriation of funds) upon anyone; (2) material dereliction of fiduciary obligation; (3) being charged with or conviction of a felony or a criminal act involving moral turpitude, or entering a plea of guilty or nolo contendere to any such charge; or (4) a Director, in the sole opinion of the other Directors voting for such removal, having become mentally unable to perform the Director’s duties, or, by reason of continuing to serve as a Director, in such opinion, potentially causing harm to the Corporation’s condition, financial stability, or reputation.
