Common use of Closing of Affairs Clause in Contracts

Closing of Affairs. In the event of the cancellation of the Company for any reason, and in the absence of an election to continue the business of the Company, the Board shall commence to close the affairs of the Company, to liquidate its investments and to terminate the Company. The Board shall have full right and unlimited discretion to manage the business of the Company during the period of closing the affairs of the Company and to determine the time, manner and terms of any sale or sales of Company property pursuant to such liquidation.

Closing of Affairs. In the event of the cancellation dissolution of the Company for any reason, and in the absence of an election to continue the business of the Company, the Board shall commence to close the affairs of the Company, to liquidate its investments and to terminate the Company. The Board shall have full right and unlimited discretion to manage the business of the Company during the period of closing the affairs of the Company and to determine the time, manner and terms of any sale or sales of Company property pursuant to such liquidation.