Common use of Terms and Resignation Clause in Contracts

Terms and Resignation. Board Members shall serve for an indefinite term. Any Board Member may resign at any time by giving written notice to the Board. Any resignation shall take effect at the time specified therein, or, if no time is specified, upon receipt thereof; and unless otherwise specified therein, acceptance of such resignation shall not be necessary to make it effective. The Board may remove a Board Member, either with or without cause, at any time by the consent of a Majority-In-Interest of the Members.

Terms and Resignation. Board Members shall serve for an indefinite terma term of one year or, if later, until his or her successor is elected. Any Board Member may resign at any time by giving written notice to the Board. Any resignation shall take effect at the time specified therein, or, if no time is specified, upon receipt thereof; and unless otherwise specified therein, acceptance of such resignation shall not be necessary to make it effective. The Board may remove a Board Member, either with or without cause, at any time by the consent of a Majority-In-Interest of the Members.