Authority of the Board of Trustees Clause Samples
The "Authority of the Board of Trustees" clause defines the scope and limits of power granted to the board in managing and overseeing the organization’s affairs. Typically, this clause outlines the board’s ability to make decisions on financial matters, approve major contracts, set organizational policies, and appoint or remove key officers. By clearly delineating the board’s authority, the clause ensures effective governance and prevents disputes over decision-making power within the organization.
Authority of the Board of Trustees. Except as set forth by the express provisions of this Trust Agreement (or the independent director requirements established by the NYSE Amex LLC and the ▇▇▇▇▇▇▇▇-▇▇▇▇▇ Act of 2002, as amended), pursuant to Section 3806(a) of the Delaware Trust Statute, the Board of Trustees shall have and may exercise on the Trust’s behalf, only such powers and rights necessary, proper, convenient or advisable to effectuate and carry out the following objectives:
(a) To serve as the audit committee of the Trust (the “Audit Committee”), in accordance with the Listing Standards and the charter of such Audit Committee, which duties shall include responsibility for the appointment, compensation, retention and oversight of any work performed on behalf of the Trust by a public accounting firm engaged by the Trust to perform such work;
(b) To serve as the nominating committee of the Trust (the “Nominating Committee”), in accordance with the Listing Standards and the charter of such Nominating Committee, which duties shall include responsibility for appointing candidates for the Board of Trustees in the event of any vacancy caused by death, resignation or removal;
(c) To determine the compensation to be paid to the Board Trustees, taking into consideration any recommendation provided by the Manager;
(d) To remove any Board Trustee who ceases to meet the requirements of the last sentence of Section 5.1 and to fill any vacancy in the Board of Trustees caused by death, resignation or removal; and
(e) To remove the Manager without penalty, upon sixty (60) days written notice, only for cause. For the purposes of this Section 5.2(e), “cause” consists of (i) a statutory disqualification of the Manager under Section 8a(2) or 8a(3) of the CEA, (ii) suspension or revocation of the Manager’s commodity pool operator or commodity trading advisor registrations, or (iii) a Bankruptcy Event with respect to the Manager. In connection with any such removal for cause, if the Manager to be removed is the last remaining Manager, the Shareholders by Majority Vote may vote to elect and appoint, effective as of a date on or prior to such removal, a successor manager, who shall be duly licensed and qualified under federal and state law to carry on the Trust’s business.
Authority of the Board of Trustees. A. The appointing authority shall provide for the award of faculty tenure following a probationary period not to exceed nine (9) consecutive quarters, excluding Summer Quarters and approved leaves of absence.
1. Provided, the appointing authority may award or withhold tenure at any time, after it has given reasonable consideration to the joint recommendations of the appropriate review committee and the College President.
2. The probationer shall be deemed to have been awarded tenure if no official notice is sent to the probationer by the last day of the probationer‘s eighth probationary quarter.
3. The probationary period may extend in accordance with RCW 28B.50.852.
Authority of the Board of Trustees. Nothing in this Article limits the authority of the Board of Trustees with respect to hiring faculty.