Common use of Presentation of Programs and Budgets Clause in Contracts

Presentation of Programs and Budgets. Proposed Programs and Budgets will be prepared by the Managing Director after consultation with the Shareholders for any period as considered reasonable by the Managing Director. Each adopted Program and Budget, regardless of length, will be reviewed at least once a year at a meeting of the Board. During the period encompassed by any Program and Budget and at least 3 months prior to its expiration, a proposed Program and Budget for the following period will be prepared by the Managing Director and submitted to the Board.