Dual Interests. It is understood that any shareholder, director, officer, employee, or agent of the Distributor, or of any organization affiliated with the Distributor, or of any organization which the Distributor may have an interest, or of any organization which may have an interest in the Distributor may be a Contractholder; and that the existence of any such dual interest shall not affect the validity thereof or the validity of any transaction hereunder except as may be otherwise provided in the articles of incorporation or by-laws of the Distributor, or by the specific provisions of applicable law. For the purpose of this Section 10, the term "affiliated person" shall have the same definition as set forth in the 1940 Act subject, however, to such exemptions as may be granted pursuant to the 1940 Act.
Appears in 6 contracts
Samples: Distribution Agreement (Sep Acct Vul-6 of Transamerica Occidental Life Insurance Co), Distribution Agreement (Sep Acct Vl 2 of Transamerica Occidental Life Insurance Co), Distribution Agreement (Separate Account Vul 2 of Transamerica Occidental Life Ins)
