Admission as Shareholder. A Person that has validly acquired an Interest in the Company by a Transfer from a Shareholder in accordance with ARTICLE VIII shall be registered to the Company as a Shareholder and where reasonably required execute a deed of accession to this Agreement. A Principal Shareholder that no longer holds the Minimum Shares shall cease to be regarded as a Principal Shareholder for the purposes of this Agreement and shall only have the rights and obligations of a Shareholder and not a Principal Shareholder. If at the time such Person loses its Principal Shareholder status (the “Divestment Time”) it has not already validly Transferred all its governance and approval rights, then such rights shall vest in the remaining Principal Shareholder. Notwithstanding anything herein to the contrary, at any one time, there shall not ever be more than two Principal Shareholders. The Board of Directors shall promptly amend Schedule 4.1 hereto to reflect each permitted Transfer and admission.
Admission as Shareholder. The board shall not issue Shares to a person unless that person is eligible to hold Member Shares under clause 4.2 and the board, in its sole discretion, is satisfied with that person becoming a shareholder. Shares may be held by a firm, individual, body corporate, company, joint holder (as trustee or partner) or any other entity and any such entity may appoint no more than one representative at any meeting of shareholders at which that shareholder is entitled to attend and vote. The decision of the board as to whether or not a person is entitled to become a shareholder shall be final, conclusive and binding on all shareholders. The board may: determine the basis, terms and conditions and other provisions applicable to persons applying for Shares; and provide in any Member Supply Agreement or terms of supply that the entering into of that contract or terms of supply is deemed to be an application by that person for Member Shares. Member Supply Agreement Every holder of a Member Share is required to enter into the Company's then-current Member Supply Agreement, immediately upon becoming a holder of a Member Share. This is a condition precedent to receiving any services from the Company. The holder of Member Shares acknowledges that the Company may at any time review the terms and conditions of the Member Supply Agreement : to take account of changes and ensure compliance with relevant laws; to take account trading conditions, industry practice , regulatory change and compliance (to be determined by the Company in its sole discretion; to make such changes or fix any errors as may be necessary from time to time; to take account of any requirements of any bank, financial institution or other third party providing secured financing to the Company from time to time. The holder of Member Shares shall be bound by such amendments on receiving written notice of the change or alternatively at the discretion of the Company shall be required to enter into a new Member Supply Agreement (as the case may be) and pay all the Company's costs in respect of that new Member Supply Agreement. Nominal value Shares In accordance with section 15 of the Co-operative Companies Act: Shares may have a nominal value, and shares of different classes may have different nominal values; and this constitution may with the prior approval of the board be amended by altering the nominal value of Member Shares, or any class of Shares, or by removing any provision that specifies the nominal valu...
Admission as Shareholder. Upon receipt by JSW of the Aggregate Exercise Price, the Warrant Shares reflected in the Notice of Exercise shall be deemed to have been sold to the Purchaser. The Purchaser shall be an Assignee, as defined in the Operating Agreement, of the Class A Common Shares acquired under this Warrant until such Purchaser satisfies all requirements to be admitted as a Substitute Shareholder of the Issuer as specified in the Operating Agreement. Notwithstanding anything to the contrary in this Warrant or the Operating Agreement, JSW shall retain all voting rights attributable to the Warrant Shares sold to the Purchaser under this Warrant unless and until the Issuer undergoes an IPO as defined in the Operating Agreement or Holder transfers such Warrant Shares to a Person unaffiliated with JSW or Holder. As soon as practicable after the exercise of this Warrant and at the Issuer’s expense, the Issuer will cause the admission of the Purchaser as a Substitute Shareholder, and to be issued and delivered to the Purchaser, Schedule I of the Operating Agreement reflecting the admission of the Purchaser as a Shareholder of the Issuer with respect to the Class A Common Shares acquired under this Warrant.
