Common use of Shareholder Action by Written Consent Clause in Contracts

Shareholder Action by Written Consent. Shareholders shall not be entitled to take action by written consent, except as may be determined by the Trustees, in their sole discretion. If so determined by the Trustees, an action which may be taken by Shareholders by vote may be taken without a meeting if the holders, entitled to vote thereon, of the proportion of Shares required for approval of such action at a meeting of Shareholders pursuant to Section 10.4 consent to the action in writing and the written consents are filed with the records of the meetings of Shareholders. Such consent shall be treated for all purposes as a vote taken at a meeting of Shareholders.