BANKRUPTCY OF SHAREHOLDER Sample Clauses

BANKRUPTCY OF SHAREHOLDER voluntary or involuntary, by the Insolvent Shareholder of its Shares to any creditor, in total or partial satisfaction of any debt, obligation, judgment or other liability (any such assignee, trustee, receiver or transferee being hereinafter called the "Special Transferee") to purchase the Insolvent Shareholder's Shares at a purchase price of $1.00 per Share. Upon the Option becoming exercisable, the Corporation may exercise the Option by delivering notice to the Insolvent Shareholder, to the Special Transferee and all other Shareholders, whereupon the Corporation shall transfer the Insolvent Shareholder's Shares to the Corporation and then cancel such Shares.
Sample 1
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BANKRUPTCY OF SHAREHOLDER. In the event a Shareholder (i) files a voluntary petition in bankruptcy, (ii) makes an assignment for the benefit of creditors, or (iii) is adjudicated bankrupt or insolvent, the other Shareholders shall have the right, but not the obligation, to purchase all of such Shareholder's shares of Common Stock at the price per share equal to the Fair Market Value of one (1) share of Common Stock.
Sample 1
BANKRUPTCY OF SHAREHOLDER. In the event a Shareholder (a) files a voluntary petition in bankruptcy, (b) makes an assignment for the benefit of creditors, or (c) is adjudicated bankrupt or insolvent, unless the Board of Directors otherwise agrees, such event shall constitute an Offer and the provisions of SECTION 2.2 shall apply.
Sample 1
BANKRUPTCY OF SHAREHOLDER. The bankruptcy (as defined in Section 18-101(1) of the Act) of the Shareholder shall not cause the Shareholder to cease to be a member of the Company, and upon the occurrence of such an event, the business of the Company shall continue without dissolution.
Sample 1
BANKRUPTCY OF SHAREHOLDER. 8.1 Each of the Shareholders hereby grant to the Corporation an irrevocable option (the "Option"), which Option shall be exercisable only upon the bankruptcy, insolvency, winding-up or liquidation of that Shareholder (the "Insolvent Shareholder"), or in the event that a receiver is appointed in respect of the whole or substantially the whole of the Insolvent Shareholder's property and assets, or in the event of the transfer or assignment, voluntary or involuntary, by the Insolvent Shareholder of its Shares to any creditor, in total or partial satisfaction of any debt, obligation, judgment or other liability (any such assignee, trustee, receiver or transferee being hereinafter called the "Special Transferee") to purchase the Insolvent Shareholder's Shares at a purchase price of $1.00 per Share. Upon the Option becoming exercisable, the Corporation may exercise the Option by delivering notice to the Insolvent Shareholder, to the Special Transferee and all other Shareholders, whereupon the Corporation shall transfer the Insolvent Shareholder's Shares to the Corporation and then cancel such Shares.
Sample 1

Related to BANKRUPTCY OF SHAREHOLDER

  • Rights of Shareholder Except as otherwise provided in this Agreement or the Plan, Participant shall have, with respect to the shares of Restricted Stock awarded hereunder, all of the rights of a shareholder of the Company, including the right to vote the shares and the right to receive any dividends as declared by the Company’s Board of Directors.

  • Approval of Shareholders The Trust will call a special meeting of the Acquired Fund Shareholders to consider and act upon this Agreement and to take all other appropriate action necessary to obtain approval of the transactions contemplated herein.

  • Rights of Shareholders The Shares shall be personal property giving only the rights in this Declaration specifically set forth. The ownership of the Trust Property of every description and the right to conduct any business herein before described are vested exclusively in the Trustees, and the Shareholders shall have no interest therein other than the beneficial interest conferred by their Shares, and they shall have no right to call for any partition or division of any property, profits, rights or interests of the Trust nor can they be called upon to share or assume any losses of the Trust or, subject to the right of the Trustees to charge certain expenses directly to Shareholders, as provided in the last sentence of Section 3.8, suffer an assessment of any kind by virtue of their ownership of Shares. The Shares shall not entitle the holder to preference, preemptive, appraisal, conversion or exchange rights (except as specified in this Section 6.3, in Section 11.4 or as specified by the Trustees when creating the Shares, as in preferred shares).

  • No Rights of Shareholder The Option Holder shall not, by virtue hereof, be entitled to any rights of a shareholder in the Company, either at law or in equity.

  • Rights of a Shareholder Employee shall have no rights as a shareholder with respect to any shares covered by this Agreement until the date of issuance of a stock certificate to him for such shares. Except as otherwise provided herein, no adjustment shall be made for dividends or other rights for which the record date is prior to the date such stock certificate is issued.

  • Covenants of Shareholder Shareholder hereby covenants and agrees that:

  • Dividends; Rights as Stockholder Cash dividends on shares of Common Stock issuable hereunder shall be credited to a dividend book entry account on behalf of the Participant with respect to each RSU granted to the Participant, provided that such cash dividends shall not be deemed to be reinvested in shares of Common Stock and shall be held uninvested and without interest and paid in cash at the same time that the shares of Common Stock underlying the RSUs are delivered to the Participant in accordance with the provisions hereof. Stock dividends on shares of Common Stock shall be credited to a dividend book entry account on behalf of the Participant with respect to each RSU granted to the Participant, provided that such stock dividends shall be paid in shares of Common Stock at the same time that the shares of Common Stock underlying the RSUs are delivered to the Participant in accordance with the provisions hereof. Except as otherwise provided herein, the Participant shall have no rights as a stockholder with respect to any shares of Common Stock covered by any RSU unless and until the Participant has become the holder of record of such shares.

  • Rights of a Stockholder Prior to the time a Restricted Share is fully vested hereunder, the Employee shall have no right to transfer, pledge, hypothecate or otherwise encumber such Restricted Share. During such period, the Employee shall have all other rights of a stockholder, including, but not limited to, the right to vote and to receive dividends (subject to Section 2(a) hereof) at the time paid on such Restricted Shares.

  • Liability of Shareholders Notice is hereby given that, as provided by applicable law, the obligations of or arising out of this Agreement are not binding upon any of the shareholders of the Trust individually but are binding only upon the assets and property of the Trust and that the shareholders shall be entitled, to the fullest extent permitted by applicable law, to the same limitation on personal liability as shareholders of private corporations for profit.

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