Common use of The Committees Clause in Contracts

The Committees. The Company might have an Audit Committee and the Compensation Committee, as might be determined by the Board of Directors. The members of the Audit and Compensations Committees, if any, will hold office for 1 (one) year or until the persons designated to replace them take office. The Chairman and Secretary shall be appointed by the majority vote of its members, and the Chairman shall have no casting vote in the event of a tie. The Secretary may act as such without being a member of the corresponding Committee.

The Committees. The Company might have an Audit Committee and the Compensation a Compensations Committee, as might be determined by the Board of Directors. The members of the Audit and Compensations Committees, if any, will hold office for 1 (one) year or until the persons designated to replace them take office. The Chairman and Secretary shall be appointed by the majority vote of its members, and the Chairman shall have no casting vote in the event of a tie. The Secretary may act as such without being a member of the corresponding Committee.