Classes The officers of the Company shall be a President, a Secretary, a Treasurer, and, if deemed necessary, expedient, or desirable by the Board of Managers, an Executive Vice President, one or more Senior Vice Presidents, one or more other Vice Presidents, one or more Assistant Treasurers, one or more Assistant Secretaries, and such other officers as may be elected or appointed in accordance with the provisions of this article. Additional officers and duties may be added by amendments to this article by the Members.
Vote If the Partners vote, in accordance with Section III(b), to dissolve the Partnership in accordance with the Governing Law.
REDUCTION IN PERSONNEL A. The term "seniority" as hereinafter used shall be length of continuous service with the bargaining unit since the last date of hire. Leave of absence granted pursuant to the contract shall not constitute an interruption in continuous service. Credit given for outside teaching experience in school districts shall not be considered for the purpose of accumulating seniority. Administrative and supervisory service shall not be considered for the purpose of accumulating seniority. However, any administrator or supervisor who is returned to the classroom shall be credited with any prior accumulated seniority.
B. Each year the Board shall prepare a seniority list by certification and classification, NCLB HQT status for assignment and transmit a copy of the same to the Association on or before the 1st day of November. The list shall be updated annually by May 1. In the event more than one individual has the same date of hire, all individuals so affected will participate in a drawing for each date of hire, to determine placement on the seniority list. Such drawing shall occur only once. The Association and bargaining unit members so affected will be notified in writing of the date, place, and time of the drawing, and given the opportunity to be present. The first name drawn shall be the first name on the seniority list (for that date), and proceed in that order. The Board shall draw the first name and the Association shall draw the second and proceed alternately until all names are drawn. If the Association is in disagreement on one or all parts of the seniority list and if mutual agreement between the parties cannot be reached on the disagreements, the Association may use the grievance procedure.
C. Necessary reduction of personnel. The parties hereto, realizing that education, curriculum, and staff to a large degree depend upon the economic facilities available to the Board as provided by the public and the State of Michigan, and in accordance with that realization understand that in some instances it may be economically necessary to reduce the educational program, curriculum, and staff when funds are not available, hereby agree as follows:
1. It is hereby specifically recognized that it is within the sole discretion of the Board to reduce the educational program and curriculum (including any programs which may be guaranteed in Article III).
2. In order to promote an orderly reduction in personnel when the educational program and curriculum is curtailed, the following procedure will be used:
a. Layoff will be on the basis of seniority, provided that the more senior teacher is certified and qualified for the available position. In the event the position held by a teacher is eliminated, the teacher shall be entitled to bump a less senior teacher if he/she is certified and qualified (including the ability to meet all NCLB HQT requirements starting in 2006-2007) for the position or a position which can be created by changing the assignments of less senior teachers. More senior teachers not being laid off shall upon request be voluntarily transferred in order to enable the Board to retain more senior teachers. This procedure is subject to the Michigan Teachers' Tenure Act.
b. It is expressly understood that the Association shall have the right to review the reduction list prior to notification of the individuals involved. After the reduction list has been prepared by the Board, the Association and Board shall review said list and attempt to resolve any and all conflicts. In the event there is a dispute concerning the reduction list, the Association shall have the right to file a written grievance thereon within seventy-two (72) hours after the termination of the meeting during which such review took place.
c. The Board may lay off staff at the commencement of the school year provided written notice of layoff is sent to the Association and to the teacher at least twenty-five (25) days in advance of the first scheduled work day for teachers, and at the commencement of the second semester provided written notice is sent sixty (60) days in advance.
Voting The vote upon any resolution submitted to any meeting of Holders shall be by written ballot on which shall be subscribed the signatures of the Holders or of their representatives by proxy and the outstanding aggregate principal amount of the Notes held or represented by them. The permanent chairman of the meeting shall appoint two inspectors of votes who shall count all votes cast at the meeting for or against any resolution and who shall make and file with the secretary of the meeting their verified written reports in duplicate of all votes cast at the meeting. A record in duplicate of the proceedings of each meeting of Holders shall be prepared by the secretary of the meeting and there shall be attached to said record the original reports of the inspectors of votes on any vote by ballot taken thereat and affidavits by one or more Persons having knowledge of the facts setting forth a copy of the notice of the meeting and showing that said notice was delivered as provided in Section 9.02. The record shall show the aggregate principal amount of the Notes voting in favor of or against any resolution. The record shall be signed and verified by the affidavits of the permanent chairman and secretary of the meeting and one of the duplicates shall be delivered to the Company and the other to the Trustee to be preserved by the Trustee, the latter to have attached thereto the ballots voted at the meeting. Any record so signed and verified shall be conclusive evidence of the matters therein stated.
Investor Class The Manager will apply an equivalent waiver or reimbursement, in an equal number of basis points waived for Class A Shares.