Compensatory Bank Liquidation Sample Clauses

Compensatory Bank Liquidation. At the option of the Appointing Authority, all or a portion of the compensatory bank may be liquidated in cash two (2) times a fiscal year, with thirty (30) calendar days advance written notice to the Local Union. Such liquidation shall be done in a uniform manner for all employees of the seniority unit. The Appointing Authority and the Local Union may agree in a local meet and confer to uniform liquidation on some basis other than seniority unit. At the time of separation, the employee’s compensatory bank will be liquidated into the employee’s HCSP except in the following circumstances: • An employee transferring to the service of another Appointing Authority, accepting a position not represented by the Union, or placed on permanent layoff, shall have unused compensatory time liquidated in cash. • An employee placed on seasonal layoff may have unused compensatory time liquated in cash, at the option of the employee. • In the case of death, unused compensatory time will be liquated in cash. • Employees who do not meet the criteria for the HCSP, who have been exempted from participation in the HCSP by the plan administrator or whose combined vacation, severance and compensatory bank liquidation total less than five hundred dollars ($500), such liquidation will be made in cash. Any cash payment of unused compensatory time shall be at the average regular rate of pay received by the employee during the last three (3) years of the employee's employment or their regular rate of pay as of the date of payment, whichever is greater.
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Compensatory Bank Liquidation. At the option of the Appointing Authority, all or a portion of the compensatory bank may be liquidated in cash on June 30 in the first year of the contract and/or on June 30 of the second year of the contract. However, employees shall have the option of carrying over a maximum of eighty (80) hours of their compensatory bank to the next fiscal year. An employee transferring to the service of another Appointing Authority, accepting a position not represented by the Union, separated from State service, or placed on permanent layoff, shall have unused compensatory time paid in cash. An employee placed on seasonal layoff may have unused compensatory time paid in cash, at the option of the employee. Any cash payment of unused compensatory time shall be at the average regular rate of pay received by the employee during the last three (3) years of the employee's employment or their regular rate of pay as of the date of payment, whichever is greater. At the time of separation, the employee’s compensatory bank will be liquidated into the employee’s HCSP except in the following circumstances: • In the case of permanent layoff or death, such liquidation will be made in cash. • Employees who do not meet the criteria for the HCSP, who have been exempted from participation in the HCSP by the plan administrator or whose combined vacation, severance and compensatory bank liquidation total less than five hundred dollars ($500), such liquidation will be made in cash.
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Compensatory Bank Liquidation. At the option of the Appointing Authority, all or a portion of 15 the compensatory bank may be liquidated in cash two (2) times a fiscal year, with thirty (30) 16 calendar days advance written notice to the Local Union. Such liquidation shall be done in a 17 uniform manner for all employees of the seniority unit. The Appointing Authority and the 18 Local Union may agree in a local meet and confer to uniform liquidation on some basis other 19 than seniority unit. 20 At the time of separation, the employee’s compensatory bank will be liquidated into the 21 employee’s HCSP except in the following circumstances: 1 • An employee transferring to the service of another Appointing Authority, accepting a 2 position not represented by the Union, or placed on permanent layoff, shall have 3 unused compensatory time liquidated in cash.
Sample 1
Compensatory Bank Liquidation. At the option of the Appointing Authority, all or a portion of 12 the compensatory bank may be liquidated in cash two (2) times a fiscal year, with thirty (30) 13 calendar days advance written notice to the Local Union. Such liquidation shall be done in a 14 uniform manner for all employees of the seniority unit. The Appointing Authority and the 15 Local Union may agree in a local meet and confer to uniform liquidation on some basis other 16 than seniority unit.
Sample 1

Related to Compensatory Bank Liquidation

  • Cash Liquidation 7 Certificate...................................................................7

  • Compensatory Time Off Utilization of compensatory time off shall be by mutual agreement between the department head and the employee. The smallest increment of compensatory time which may be taken off is six (6) minutes.

  • Compensatory Time A Bargaining Unit member may choose to take compensatory time in lieu of overtime compensation if such choice is indicated during the tour of duty in which the overtime is worked. Compensatory time shall be credited to the Bargaining Unit member and accumulated at the rate of one and one-half (1 ½) hours for each overtime hour worked. Each Bargaining Unit member’s compensatory time bank shall be limited in accumulation to a maximum number of two hundred forty (240) hours. Once a Bargaining Unit member has reached the maximum hours of compensatory time as compensation for overtime hours worked, all additional overtime will be paid. The Bargaining Unit member may choose to carry over any balance into the following year. Any balance of compensatory time carried over into the following year shall count towards the two hundred forty (240) hour cap in that year. Compensatory time off must be taken at a time agreeable to the Department and the Bargaining Unit member. Approval for compensatory time off shall not be unreasonably withheld. Compensatory time off should be requested as far in advance as possible but no later than forty eight (48) hours in advance. When Bargaining Unit members request compensatory time off at least 45 calendar days in advance, the employer will, within five (5) working days of the request being made, notify the member whether or not his/her request has been approved. Approval for compensatory time shall not be unreasonably withheld. As soon as the employer notifies the member that his/her request has been approved, and if the employer determines that the shift will be filled, the employer will post the overtime assignment to cover the member’s request. If there are no volunteers to cover this need for overtime, and if the employer determines that the shift will be filled, a mandate to cover the shift will occur no less than seven (7) calendar days in advance of the beginning of the shift that needs to be covered. The employee being mandated will have the lowest number of overtime hours worked and will be notified by a supervisor. In the event the employee being mandated is on an approved leave and cannot be provided seven

  • Acquisition/Liquidation Procedure The Company agrees: (i) that, prior to the consummation of any Business Combination, it will submit such transaction to the Company's stockholders for their approval ("Business Combination Vote") even if the nature of the acquisition is such as would not ordinarily require stockholder approval under applicable state law; and (ii) that, in the event that the Company does not effect a Business Combination within 18 months from the consummation of this Offering (subject to extension for an additional six-month period, as described in the Prospectus), the Company will be liquidated and will distribute to all holders of IPO Shares (defined below) an aggregate sum equal to the Company's "Liquidation Value." With respect to the Business Combination Vote, the Company shall cause all of the Initial Stockholders to vote the shares of Common Stock owned by them immediately prior to this Offering in accordance with the vote of the holders of a majority of the IPO Shares. At the time the Company seeks approval of any potential Business Combination, the Company will offer each of holders of the Company's Common Stock issued in this Offering ("IPO Shares") the right to convert their IPO Shares at a per share price equal to the amount in the Trust Fund (inclusive of any interest income therein) on the record date ("Conversion Price") for determination of stockholders entitled to vote upon the proposal to approve such Business Combination ("Record Date") divided by the total number of IPO Shares. The Company's "Liquidation Value" shall mean the Company's book value, as determined by the Company and audited by BDO. In no event, however, will the Company's Liquidation Value be less than the Trust Fund, inclusive of any net interest income thereon. If holders of less than 20% in interest of the Company's IPO Shares vote against such approval of a Business Combination, the Company may, but will not be required to, proceed with such Business Combination. If the Company elects to so proceed, it will convert shares, based upon the Conversion Price, from those holders of IPO Shares who affirmatively requested such conversion and who voted against the Business Combination. Only holders of IPO Shares shall be entitled to receive liquidating distributions and the Company shall pay no liquidating distributions with respect to any other shares of capital stock of the Company. If holders of 20% or more in interest of the IPO Shares vote against approval of any potential Business Combination, the Company will not proceed with such Business Combination and will not convert such shares.

  • Termination and Liquidation Section 9.01.

  • Liquidation etc As long as the Class B Distribution and Service Plan is in effect, the Series shall not change the manner in which the Distribution Fee is computed (except as may be required by a change in applicable law after the date hereof) or adopt a plan of liquidation without the consent of the Distributor (or any designee or transferee of the Distributor's rights to receive payment hereunder in respect of Class B shares) except in circumstances where a surviving entity or transferee of the Series' assets adopts the Class B Distribution and Service Plan and assumes the obligations of the Series to make payments to the Distributor (or its transferee) hereunder in respect of Class B shares.

  • Assuming Institution’s Liquidation of Remaining Shared-Loss Loans In the event that the Assuming Institution does not conduct a Portfolio Sale pursuant to Section 4.1, the Receiver shall have the right, exercisable in its sole and absolute discretion, to require the Assuming Institution to liquidate for cash consideration, any Shared-Loss Loans held by the Assuming Institution at any time after the date that is six months prior to the Termination Date. If the Receiver exercises its option under this Section 4.2, it must give notice in writing to the Assuming Institution, setting forth the time period within which the Assuming Institution shall be required to liquidate the Shared-Loss Loans. The Assuming Institution will comply with the Receiver’s notice and must liquidate the Shared-Loss Loans as soon as reasonably practicable by means of sealed bid sales to third parties, not including any of the Assuming Institution’s affiliates, contractors, or any affiliates of the Assuming Institution’s contractors. The selection of any financial advisor or other third party broker or sales agent retained for the liquidation of the remaining Shared-Loss Loans pursuant to this Section shall be subject to the prior approval of the Receiver, such approval not to be unreasonably withheld, delayed or conditioned.

  • Compensatory Time Cash Out All compensatory time must be used by June 30th of each year. If compensatory time balances are not scheduled to be used by the employee by April of each year, the supervisor will contact the employee to review their schedule. The employee’s compensatory time balance will be cashed out every June 30th or when the employee: 1. Leaves state service for any reason; 2. Transfers to a position in their institution with different funding sources; or 3. Transfers to another state agency or institution.

  • Distributions in Liquidation Following the dissolution of the Company and the commencement of winding up and the liquidation of its assets, distributions to the Members shall be governed by Section 12.2.

  • Assuming Bank’s Liquidation of Remaining Single Family Shared-Loss Loans In the event that the Assuming Bank does not conduct a Portfolio Sale pursuant to Section 4.1, the Receiver shall have the right, exercisable in its sole and absolute discretion, to require the Assuming Bank to liquidate for cash consideration, any Single Family Shared-Loss Loans held by the Assuming Bank at any time after the date that is six months prior to the Termination Date. If the Receiver exercises its option under this Section 4.2, it must give notice in writing to the Assuming Bank, setting forth the time period within which the Assuming Bank shall be required to liquidate the Single Family Shared-Loss Loans. The Assuming Bank will comply with the Receiver’s notice and must liquidate the Single Family Shared-Loss Loans as soon as reasonably practicable by means of sealed bid sales to third parties, not including any of the Assuming Bank’s affiliates, contractors, or any affiliates of the Assuming Bank’s contractors. The selection of any financial advisor or other third party broker or sales agent retained for the liquidation of the remaining Single Family Shared-Loss Loans pursuant to this Section shall be subject to the prior approval of the Receiver, such approval not to be unreasonably withheld, delayed or conditioned.

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