Dissolution of Fund. (a) In the event of the Council being dissolved during the currency of this part of the Agreement or any extension thereof, then, notwithstanding anything to the contrary contained in this part of the Agreement, contributions to the Fund shall cease as from the day following the date of coming into operation in the Gazette of the dissolution of the Council in terms of section 59 of the Act. The Fund shall be administered by a committee consisting of three representatives of the employers' organisation and three representatives of the trade union. In the event of such Committee being unable or unwilling to discharge its duties or a deadlock arising thereon which renders the administration of the Fund impracticable or undesirable in the opinion of the Registrar: Labour, he may appoint a trustee or trustees to carry out the duties of the Committee for such purpose until expiration of this part of the Agreement by effluxion of time or cessation for any other cause, upon which the Fund shall be liquidated mutatis mutandis as though the employees had left the Industry: Provided that the duties in connection with such liquidation shall be performed by such other body or persons as the Registrar: Labour may appoint.
Dissolution of Fund. (1) Upon the expiry of this Agreement or any extension thereof and in the event of a subsequent agreement providing for the continuation of the Fund not being negotiated within a period of two years from the expiry of this Agreement or any extension thereof, or the Fund not being transferred by the Regional Chamber within such period to any other fund constituted for the same purpose as that for which the Fund was created, the Fund shall be liquidated by the Management Committee as though the employees had left the Industry and as provided for in the Act.
Dissolution of Fund. The Fund will dissolve on the earliest to occur of (a) December 31, 2045, (b) the sale of substantially all of the Fund's Property, (c) the removal, dissolution, resignation, insolvency, bankruptcy, death or other legal incapacity or disqualification of the Manager, (d) the vote of either all Investors or of the Manager and Investors who own at least a majority of the Investor Shares of record or (e) any other event requiring dissolution by law. The Fund will wind up its business after dissolution unless (i) the Manager and Investors who own at least a majority of the Investor Shares of record or (ii) if there is no Manager, Investors who own at least a majority of the Investor Shares of record, elect to continue the Fund. The Manager (or in the absence thereof, a liquidating trustee chosen by the Investors) will liquidate the Fund's assets if it is not continued. Transferability of Interests. No Investor may assign or transfer all or any part of his or her interest in the Fund and no transferee will be deemed a substituted Investor or be entitled to exercise or receive any of the rights, powers or benefits of an Investor other than the right to receive distributions attributable to the transferred interest unless (i) such transferee has been approved and accepted by a Fund, in its sole and absolute discretion, as a substituted Investor, and (ii) certain other requirements set forth in the Fund's LLC Agreement (including receipt of an opinion of counsel that the transfer does not have adverse effects under the securities laws and the Investment Company Act of 1940) have been satisfied. The Manager may not resign except for cause (which cause does not include the fact or determination that continued service would be unprofitable to it) and may not transfer its interest in a Fund except to pledge it as security for a loan to the Manager if the pledge does not reduce cash flow distributable to other Shareholders, or to waive compensation and fees payable to it under the LLC Agreement. The Manager's Capital Account. The Manager is obligated under the LLC Agreement to restore any deficit in its capital account prior to any liquidating distribution by a Fund. The Manager reserves the right, however, to offset this obligation by waiving all or a portion of its rights to a distribution of any fees or other compensation due it under the Fund's LLC Agreement. LIABILITY Assuming compliance with the LLC Agreement and applicable formative and qualifying requirements in...
Dissolution of Fund. The Fund will dissolve on the earliest to occur of (a) December 31, 2045, (b) the sale of substantially all of the Fund's Property, (c) the removal, dissolution, resignation, insolvency, bankruptcy, death or other legal incapacity or disqualification of the Manager, (d) the vote of either all Investors or of the Manager and Investors who own at least a majority of the Investor Shares of record or (e) any other event requiring dissolution by law. The Fund will wind up its business after dissolution unless (i) the Manager and Investors who own at least a majority of the Investor Shares of record or (ii) if there is no Manager, Investors who own at least a majority of the Investor Shares of record, elect to continue the Fund. The Manager (or in the absence thereof, a liquidating trustee chosen by the Investors) will liquidate the Fund's assets if it is not continued.
Dissolution of Fund. After the City’s Director of Finance has determined that (a) all of the payments and reimbursements described in Section 5 of the TIF Ordinances, including those then due and those coming due in the future, have been made or provided for and (b) all of the payments due to the School District under Section above of this Agreement have been made or provided for, then the Fund shall be dissolved as contemplated in Section 5 of the TIF Ordinance, the exemption from taxation pursuant to the TIF Ordinance and the PILOTS shall end, and this Agreement shall terminate.
