Subsequent Ballots Sample Clauses
The 'Subsequent Ballots' clause defines the procedures and rules for conducting additional rounds of voting after an initial ballot has taken place. Typically, this clause outlines when and how further ballots are held, such as in cases where no candidate or proposal achieves the required majority in the first round. For example, it may specify timeframes for subsequent ballots, eligibility of candidates, or changes in voting thresholds. The core function of this clause is to ensure a clear and orderly process for decision-making when initial votes are inconclusive, thereby preventing deadlock and facilitating resolution.
Subsequent Ballots. If the required number of Directors is not elected on the first ballot, and there were more candidates than the number of Directors to be elected on the ballot, there shall be subsequent ballots, as necessary. For subsequent ballots:
(a) The candidate receiving the lowest number of votes in the preceding ballot shall not be a candidate in the next ballot.
(b) Votes shall be cast only by: (i) Governors who voted in the preceding ballot for a candidate who was not elected; and (ii) Governors whose votes for a candidate who was elected are deemed to have raised the votes for that candidate above the applicable Adjustment Percentage under (c) below.
(c) The votes of all the Governors who cast votes for each candidate shall be added in descending order of number, until the number of votes representing the applicable Adjustment Percentage has been exceeded. Governors whose votes were counted in that calculation shall be deemed to have cast all their votes for that Director, including the Governor whose votes brought the total over the Adjustment Percentage. The remaining Governors whose votes were not counted in that calculation shall be deemed to have raised the candidate’s total votes above the Adjustment Percentage, and the votes of those Governors shall not count towards the election of that candidate. These remaining Governors may vote in the next ballot.
(d) If in any subsequent ballot, only one Director remains to be elected, the Director may be elected by a simple majority of the remaining votes. All such remaining votes shall be deemed to have counted towards the election of the last Director.