Amendment of Independent Manager Definition Sample Clauses

The "Amendment of Independent Manager Definition" clause establishes the process and authority for modifying the definition of an Independent Manager within an agreement or organizational document. Typically, this clause outlines who has the power to make such changes—such as a board of directors or a majority of members—and may specify procedural requirements like notice or approval thresholds. For example, it might allow the definition to be updated to reflect changes in law or best practices regarding independence. The core function of this clause is to provide flexibility in maintaining an appropriate standard for independence, ensuring that the entity can adapt its governance structure as needed to address evolving legal or business requirements.