Common use of Size of Board Clause in Contracts

Size of Board. The number of seats constituting the entire Board of Managers shall be at least seven (7) (the “Minimum Size”), and no more than thirteen (13) (the “Maximum Size”). The range from the Minimum Size to the Maximum Size is referred to as the “Variable Board Size.” The size of the Board of Managers at any particular time shall be referred to as the “Whole Board.” The size of the Whole Board is currently ten (10). The Board of Managers may, by a resolution, change the number of seats constituting the Whole Board to any number of seats within the Variable Board Size. The Variable Board Size may only be changed if: 3.2.1.1 the change has first been approved by a resolution of a majority of the Whole Board, and 3.2.1.2 the change has been approved by the Unit Holders.