Common use of Budgets Approval Clause in Contracts

Budgets Approval. At least thirty (30) days prior to the commencement of each fiscal year, prepare and submit to, and obtain in respect thereof the approval of two-thirds of the members of the Board of Directors, a strategic plan and monthly operating budget in detail for each fiscal year, monthly operating expenses and profit and loss projections, quarterly cash flow projections and a capital expenditure budget for the fiscal year, and including a summary of proposed research and development activities for the forthcoming year, the status and proposed activities for any joint venture or other licensing arrangements with third parties, including pharmaceutical companies, universities, hospitals and others.

Budgets Approval. At least thirty (30) days prior to the commencement of each fiscal year, prepare and submit to, and obtain in respect thereof the approval of two-thirds of the members of the Board of Directors, a strategic business plan and monthly operating budget in detail for each fiscal year, monthly operating expenses and profit and loss projections, quarterly cash flow projections and a capital expenditure budget for the fiscal year, and including a summary of proposed research and development activities for the forthcoming year, the status and proposed activities for any joint venture or other licensing arrangements with third parties, including pharmaceutical companies, universities, hospitals and others.