<p dir="ltr">Hello Gregory, </p>
<p dir="ltr">This is quite helpful memo, I particularly like the text below:</p>
<p dir="ltr">"...Level 2: A consensus among all participating SOs and ACs (based on the Level 1 decisions of each participant) is then required to meet whatever decision threshold for a particular matter has been set in the Bylaws; it is at this level, Level 2, where it is entirely lawful to
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impose severe limits on the ability to direct the Sole Member with respect to any statutory rights that are of concern.."</p>
<p dir="ltr">Will be good to know how this will work with ACs especially if votes is used to gauge consensus (this ofcourse is not a legal question)</p>
<p dir="ltr">Regards</p>
<p dir="ltr">Sent from my Asus Zenfone2<br>
Kindly excuse brevity and typos.</p>
<div class="gmail_quote">On 2 Oct 2015 20:39, "Gregory, Holly" <<a href="mailto:holly.gregory@sidley.com">holly.gregory@sidley.com</a>> wrote:<br type="attribution"><blockquote class="gmail_quote" style="margin:0 0 0 .8ex;border-left:1px #ccc solid;padding-left:1ex">
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<p class="MsoNormal"><span style="color:#1f497d">Thomas, Mathieu and Leon and CCWG,,
<u></u><u></u></span></p>
<p class="MsoNormal"><span style="color:#1f497d"> In addition to slides comparing the Sole Member, Sole Designator and Board Proposal from last week (which we understand did not get posted yet) , we are providing a memo as requested in LA that discusses how
the statutory rights of a member can be constrained in the Sole Member model. <u></u><u></u></span></p>
<p class="MsoNormal"><span style="color:#1f497d">Kind regards, Holly and Rosemary<u></u><u></u></span></p>
<p class="MsoNormal"><span style="color:#1f497d"><u></u> <u></u></span></p>
<p class="MsoNormal"><span style="color:#1f497d"><u></u> <u></u></span></p>
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<p class="MsoNormal"><b><span style="font-size:10.0pt;font-family:"Arial","sans-serif";color:#1f497d">HOLLY</span></b><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:#1f497d"> </span><b><span style="font-size:10.0pt;font-family:"Arial","sans-serif";color:#1f497d">GREGORY</span></b><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:#1f497d"><br>
Partner<br>
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</span><b><span style="font-size:10.0pt;font-family:"Arial","sans-serif";color:#1f497d">Sidley Austin LLP</span></b><b><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:#1f497d"><br>
</span></b><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:#1f497d"><a href="tel:%2B1%20212%20839%205853" value="+12128395853" target="_blank">+1 212 839 5853</a><br>
<a href="mailto:holly.gregory@sidley.com" title="Click to send email to Gregory, Holly" target="_blank">holly.gregory@sidley.com</a><u></u><u></u></span></p>
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<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Arial","sans-serif";color:#1f497d"> </span><span style="color:#1f497d"><u></u><u></u></span></p>
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