Final Calculation and Cy-Près Distribution Sample Clauses
Final Calculation and Cy-Près Distribution.
(1) Settlement cheques issued by the Defendant that are not deliverable to or cashed by a Claimant(s) or which are not cashed by a Claimant within six (6) months of issuance will become stale-dated, ineligible for redemption, and shall not be reissued.
(2) Forthwith after the date on which all uncashed settlement cheques have become stale- dated and ineligible for redemption, the Defendant shall advise on the total dollar value of cheques cashed from Net Settlement Funds – Fixed. If the total dollar value of cheques cashed from Net Settlement Funds – Fixed is 95% or more of the Net Settlement Funds – Fixed, the balance retained in trust shall be paid to the Defendant within thirty (30) days thereafter, subject to the percentage payable to the Fonds d’aide aux actions collectives under the Regulation respecting the percentage withheld by the Fonds d’aide aux actions collectives on the part of the balance attributable to Quebec members.
(3) If the total value of cheques cashed from Net Settlement Funds – Fixed is less than 95% of the Net Settlement Funds – Fixed, the balance of funds not paid to Claimants shall be distributed cy-près to such organization as the Courts may order, subject to the percentage payable to the Fonds d’aide aux actions collectives under the Regulation respecting the percentage withheld by the Fonds d’aide aux actions collectives on the part of the balance attributable to Quebec members.
Final Calculation and Cy-Près Distribution. (1) Settlement cheques issued by the Claims Administrator that are not deliverable to or retrieved by a Class Member, or which are not cashed by a Class Member, within six
Final Calculation and Cy-Près Distribution. (1) If a positive balance remains in the Settlement Trust after one hundred eighty (180) days have passed from the date of distribution of the Net Settlement Amount to the Authorized Claimants, whether as a result of failure to locate any Authorized Claimants, the failure of any Class Member to make a valid claim, or as a result of any tax refunds or any distributed cheques having become stale-dated or ineligible for redemption, or otherwise, Class Counsel and the Administrator, acting reasonably, shall determine whether the remaining balance may be distributed among the Authorized Claimants to the extent reasonably possible.
(2) If, in the opinion of Class Counsel and the Administrator acting reasonably, the remaining balance is sufficient to warrant further distribution, the remaining balance shall be distributed to the Authorized Claimants in accordance with the Distribution Protocol.
(3) If, in the opinion of Class Counsel and the Administrator acting reasonably, the remaining balance is not sufficient to warrant further distribution to the Authorized Claimants, the remaining balance shall be distributed cy-près to Pro ▇▇▇▇ Ontario.
Final Calculation and Cy-Près Distribution. 4.3.1. Settlement funds issued by the Claims Administrator that are not deliverable to or retrieved by an Eligible Claimant within thirty (30) days of issuance will become stale-dated, ineligible for redemption, and shall not be reissued.
4.3.2. Forthwith after the date on which all or substantially all remaining settlement funds have become stale-dated, and ineligible for redemption pursuant to the preceding clause, the Claims Administrator shall advise Class Counsel and Counsel for the Defendant of the total dollar value of funds claimed by Claimants.
4.3.3. The Claims Administrator shall distribute 50% of any unclaimed funds to the Law Foundation of British Columbia and shall distribute the remaining 50% of the unclaimed funds to an organization(s) mutually agreed upon by the Parties, and failing agreement to the Law Foundation of British Columbia, in accordance with s. 36.2 of the Class Proceedings Act, R.S.B.C. 1996, c. 50.
4.3.4. The Claims Administrator will report to the Court regarding the disposition of the Net Settlement Fund to Eligible Claimants, including the number of Eligible Claimants to whom payments were made, the receipt of Administration Expenses, and the distribution of any remaining Settlement Amount on a cy-près basis. The report to the Court shall be delivered to Class Counsel, Counsel for the Defendant and to the Court as soon as practicable after completion of the claims administration procedure described in Section 4.2.
Final Calculation and Cy-Près Distribution. (1) Settlement cheques or Interac e-transfers issued by the Claims Administrator that are not deliverable to or retrieved by a CIBC Class Member, or which are not cashed or deposited by a CIBC Class Member, within six (6) months of issuance in the case of cheques and thirty (30) days in the case of Interac e-transfers, will become stale-dated or expire, ineligible for redemption, and shall not be reissued.