Action of the Partners Sample Clauses

Action of the Partners. Actions which require the vote of the Limited Partners pursuant to Section 9.3 of this Certificate and Agreement shall be taken at a meeting of both the General and Limited Partners at which a quorum is present. A quorum shall exist if more than 50% of the outstanding Shares are present at the meeting in person or by proxy. All such meetings shall be held within the State of California or at such other place as the Managing General Partners shall designate. The Partners may vote at any such meeting in person or by proxy. The election of General Partners and ratification or rejection of the selection of independent public accountants shall require a majority vote of the Shares present in person or by proxy at a meeting at which a quorum is present. Termination of the Partnership shall require the vote specified in Section 3.1. All other actions of the Partners shall require the vote of the lesser of (i) a majority of the outstanding Shares, or (ii) 67% or more of the Shares represented in person or by proxy at a meeting at which a quorum is present. In the election of General Partners, those candidates receiving the highest number of votes cast, at a meeting at which a quorum is present in person or by proxy, up to the number of General Partners proposed to be elected, shall be elected as General Partners to serve until the next annual meeting or until their successors are elected and qualified.