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Giving chair a casting vote in 50-50 situation effectively results in unequal representation on board • any particular qualifications for members of management board (i.e., do parties want management board members to have certain skill sets or experience ) or any particular prohibitions on who can act • removal and replacement of members of management board • when and how often management board will meet • notice requirements • quorum for valid meeting • can management board members be represented by alternates (generally not permissible in a corporate JV) • who can call meetings • under what circumstances can management board act without an in-person meeting i.e., telephonic meetings or actions by signed consent • determine what powers and duties the management board will have—JV agreement may specify that certain matters require approval of majority of management board and other matters require unanimity • determine what decisions are not to be made by the management board but must be referred to the co-venturers Meetings of Co-venturers • when and how often co-venturers will meet • notice requirements -6- Error Unknown document property name.. List will vary depending on level of autonomy proposed to be given to JV and level of decision-making already residing at co-venturer level: • approval of annual business plan and budget or any change to any approved annual business plan or budget • transactions outside the ordinary course of business over a specified annual threshold • change of name • change in scope of the business • investments outside the scope of the business in excess of a specified threshold unless contemplated in annual business plan and budget • creation of subsidiaries • admission of new co-venturers (in the case of a corporate JV by issuance of stock) • any transfer of ownership interests (unless contemplated in the JV agreement) • issue, sale or transfer of shares or rights to shares of subsidiaries of JV company • incurring debt, granting sec
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