Additional Managers Clause Samples
The "Additional Managers" clause defines the conditions under which new managers can be appointed to oversee the operations or affairs of an entity. Typically, this clause outlines the process for nominating and approving additional managers, such as requiring a vote of existing members or managers, and may specify any qualifications or limitations on who can serve. By establishing a clear procedure for expanding the management team, this clause ensures flexibility in governance and helps prevent disputes over authority or the process of adding new leadership.
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Additional Managers. The Founding Member shall have the power to appoint additional Managers at any time and shall have the power to remove any Manager at the Founding Member’s discretion at any time, with or without cause; provided, however, that there shall be at all times at least one (1) Manager on the Board of Managers.
Additional Managers. At any time, the Manager, in its sole discretion, may designate any Person (regardless of whether a Member) a Manager. If all of the Managers withdraw, are removed, or otherwise cannot serve as Managers for any reason, a Required Interest shall, within ninety (90) days after the date the last remaining Manager has ceased to serve, designate one or more new Managers effective as of the date of such withdrawal, removal, or inability to serve. Any Person becoming a Manager may automatically have the rights, authorities, duties, and obligations of a Manager under the Agreement.
Additional Managers. Additional Managers may be admitted to the Company, but only with the consent of the Board.
Additional Managers. The Board of Managers shall have the right to designate any remaining Manager(s).
Additional Managers. Additional Managers may be appointed by the Board. Such Managers shall carry duties as delegated by the Chief Manager or prescribed by the Board.
Additional Managers. Upon five (5) Business Days' written notice to the Lead Manager, the Company may, in its sole discretion, designate one or more qualified broker-dealers to serve as Manager under this Agreement (each, an "Additional Manager"), provided that Additional Manager shall be reasonably acceptable to the Lead Manager and provided that such designation of an Additional Manager shall not decrease the amount or percentage of the Broker Fee payable to the Lead Manager hereunder. In the event that the Company designates one or more Additional Managers pursuant to this Agreement, any such Additional Manager shall be deemed a Manager for all purposes of this Agreement, with all the rights and obligations of a Manager as set forth herein.
Additional Managers. The Manager shall serve as a manager hereunder until the earlier of the Manager’s (i) resignation and (ii) change in status to a Retired Member or Defaulting Member at which time Members holding a majority in interest of the aggregate Percentage Interests held by all such Members (excluding the Percentage Interest of the Manager) may designate one or more other Persons to act as the Manager. The Manager may designate one or more Members as an additional Manager at such times and upon such terms and conditions as the Manager shall determine.
Additional Managers. Each Manager shall hold office until his, her or its successor shall have been appointed or elected and qualified, or until his, her or its earlier death, resignation or removal. Managers need not be Members, and need not be residents of the State of Delaware.
Additional Managers. Additional Managers (in addition to the Manager appointed pursuant to the foregoing provisions of this Section 4.2) may be appointed only upon the approval of the Class A Member.