Common use of Action of Trustees Clause in Contracts

Action of Trustees. Except as otherwise provided in this Paragraph 10, the Trustees shall act, and may only act, by a vote of a majority of their number at any given time, with consideration of the provisions of Paragraph 9, above. Subject to the foregoing sentence, any instrument required to be executed by this Foundation shall be valid if executed in the name of the Foundation by a majority of the Trustees. All actions of the Trustees shall be taken either by resolution at a meeting or by written record without a meeting, executed by a majority of the Trustees. The Trustees shall appoint among themselves a Chair. The Chair shall be responsible for presiding at all meetings of the Trustees. The Trustees shall meet at least quarterly, and at any other time selected by the Chair upon the giving of reasonable notice to all Trustees. Notice of meetings may be given in person, by mail, by facsimile, or electronically. The Trustees shall appoint from among themselves a secretary, who shall keep a record of all actions of the Trustees. A copy of any resolution or action taken by the Trustees, certified by any one of the Trustees, may be relied upon by any person dealing with the Foundation. The Chair and Secretary shall serve until the earliest to occur of the following events: (i) death; (ii) incapacity; (iii) resignation; or (iv) removal. No person shall be required to see to the application of any money, securities, or other property paid or delivered to the Trustees, or to inquire into any action, decision, or authority of the Trustees.