Common use of Regular Election Clause in Contracts

Regular Election. No less than sixty days prior to the expiration of a term of office, the Trustees shall hold an election among the Certificate Holders to elect a new slate of Trustees. Each Certificate Holder shall have the right to vote, in person or by proxy, the number of votes he or she beneficially holds for as many persons as there are Trustees to be elected, or to accumulate such votes and give one candidate up to that number of votes determined by multiplying the number of Trustees to be elected by the number of shares of Series A Common he or she beneficially owns, or to distribute such votes on the same principal among as many candidates as such Certificate Holder shall think fit. The candidates receiving the highest number of votes up to the total number of Trustees to be elected shall be elected.