Member Committee definition
Examples of Member Committee in a sentence
The Board may appoint one or more Directors or Members, respectively, as alternate members of any Board or Member Committee to replace any absent or disqualified Committee member during the Committee member’s absence or disqualification.
A Member Committee may act as specified by the Board, but may not exercise Board authority.
The Board may create a committee of the Members (“Member Committee”) and appoint Members, including Directors, to serve on the Member Committee.
Except as otherwise provided in these Bylaws, at least a majority of Directors currently in office must approve the: (1) creation of a Board Committee or Member Committee; (2) appointment of Directors to a Board Committee; and (3) appointment of Members to a Member Committee.
No later than the November 15 prior to the beginning of each calendar year during the term of this Agreement, commencing with calendar year 2016, the Manager shall prepare and submit to the Member Committee of each Series for its approval a proposed itemized administrative budget for the relevant calendar year for such Series in such reasonable detail and with such reasonable supporting data as each Member Committee may request.
The Member Committee of each Series is a committee of the Members of such Series and shall, on behalf of the Members, take all action, make all decisions and grant all consents and approvals, reserved to the Members of such Series in this Agreement or the Act.
Meetings of the Member Committee of a Series shall be held at least annually and shall be conducted at the Company’s principal executive offices, unless all of the Representatives agree that the Member Committee of such Series should meet at another location.
If practicable, the Manager shall notify the Member Committee of such Series of any such payment, if material, prior to making such payment; provided, however, that, if in the Manager’s good faith judgment prior notice is not practicable, the Manager shall notify the Member Committee promptly after making any such payment.
Any Property disposition or series of related Property dispositions that exceed the Manager’s approval threshold set forth in the immediately preceding provision shall require approval of the Member Committee of Series One.
Any vacancy on the Member Committee of a Series shall be filled by an individual designated by the Member who designated the departed Representative.