FINANCE AND ACCOUNTS Sample Clauses

FINANCE AND ACCOUNTS. 11.1 The Shareholders shall procure that the Board shall prepare and deliver to the Shareholders: (a) within two (2) months after the end of each financial quarter of the Company, the draft quarterly financial statements of the Company; (b) within five (5) months after the end of each financial year of the Company, the audited annual financial statements of the Company; (c) no later than the fifth (5th) Business Day of each month, the bank account statement of the Company; and (d) information regarding (A) material transactions, (B) risk/compliance issues, (C) any other matters that can cause material adverse effects upon the financial situation of the Company and the interests of the shareholders; In each case, financial statements shall be prepared in accordance with the IFRS and any law and requirement of the place of incorporation of the Company and the Company’s financial year shall be from 1 January to 31 December of each calendar year. 11.2 The Shareholders shall procure that without causing significant disruption to the conduct of the Company’s operations, each Shareholder, upon serving written notice of at least 10 Business Days to the Company, at its cost and expense, including, but not limited to the actual costs incurred by the Company for the following (if any), shall be entitled: (a) at any time during normal business hours to inspect the accounts, books and records of the Company and to make copies and extracts therefrom; (b) to be supplied by the Company on demand with all such information relating to the Business and affairs of the Company as it may reasonably require; and (c) to appoint at its own costs an auditor of its sole selection to audit the book and accounts of the Company at the end of each financial year. 11.3 The Parties hereby agree that all cheques, funds transfer instructions and similar instruments drawn by the Company shall be signed by such authorised signatories for the Company as may be nominated by the Board and all bank accounts of the Company shall be operated on such terms as are approved by the Board of the Company. 11.4 As soon as practicable upon the incorporation of the Company, the Shareholders shall procure that the Board shall appoint a professional accounting firm to handle the Company’s financial and accounting matters. The Board shall be entitled to approve the terms and remuneration of the appointment. 11.5 As soon as practicable upon the incorporation of the Company, subject to approval by all the Shareh...
View Source
FINANCE AND ACCOUNTS. 5.1. The Franchisee shall keep a book of account as desired by the Franchisor in the format as prescribed by their Franchisor, and shall make available this book of accounts to the Franchisor or its representative for transparent operations of the Franchisee. 5.2. The Franchisee shall receive all fees, and shall deposit in the Franchisor's account in his city, and such account shall only be operational by the Franchisor. The Franchisor holds his right to send his accountant/ representative to the Franchisee to settle accounts, verify all books as maintained by the Franchisee from time to time. The Franchisee agrees to entertain this activity at all times. 5.3. The Franchisor shall from time to time (at the most Once in a Quarter) settle accounts as per the conditions as described in detail later. 5.4. The Franchisee shall receive payments on behalf of the Franchisor, and shall give due receipts to all who enroll in the Institute. Payments can be accepted in terms of Cheques /Drafts/Cash. 5.5. The Franchisee shall also entertain ACI members for at-least one hour a day every day for the Internet facility to study online with a nominal charge as compared to other cyber cafes/Institutes. It shall also ensure that all ACI members are treated equally, irrespective of his positions in relevance to the Franchisee. 5.6. With vision learning and harmony exists at National level. There would be chance that students from other parts of the country shall migrate to the Franchisee's town, and shall like to pursue their course with it. The Franchisee shall comply with the norms as laid by their company to provide such a student every facility, as originally proposed to him by their center he had originally joined in. The remuneration as regards to this case shall be as per the terms and conditions discussed later.
View Source
FINANCE AND ACCOUNTS i) SCALA Payroll ii) Statutory Deductions and recovery of Staff Loans iii) Processing and effecting all payments to creditors excluding those drawn from the Branches’ Operational Bank account iv) Prompt transfer of funds to the Branch v) On the other hand the Sub-Operator shall be responsible for payments regarding commitments under Imprest, including New connection casuals and contractors; as well as responsible for certifying & initiating payments for works supervised/executed by the Sup-Operator on behalf of Operator e.g. mains extensions
View Source

Related to FINANCE AND ACCOUNTS

  • Loan Account and Accounting Agent shall maintain a loan account (the "Loan Account") on its books to record: all Advances, all payments made by Borrower, and all other debits and credits as provided in this Agreement with respect to the Loans or any other Obligations. All entries in the Loan Account shall be made in accordance with Agent's customary accounting practices as in effect from time to time. The balance in the Loan Account, as recorded on Agent's most recent printout or other written statement, shall, absent manifest error, be presumptive evidence of the amounts due and owing to Agent and Lenders by Borrower; provided, that any failure to so record or any error in so recording shall not limit or otherwise affect Borrower's duty to pay the Obligations. Agent shall render to Borrower a monthly accounting of transactions with respect to the Loans setting forth the balance of the Loan Account for the immediately preceding month. Unless Borrower notifies Agent in writing of any objection to any such accounting (specifically describing the basis for such objection), within 30 days after the date thereof, each and every such accounting shall (absent manifest error) be deemed final, binding and conclusive on Borrower in all respects as to all matters reflected therein. Only those items expressly objected to in such notice shall be deemed to be disputed by Borrower. Notwithstanding any provision herein contained to the contrary, any Lender may elect (which election may be revoked) to dispense with the issuance of Notes to that Lender and may rely on the Loan Account as evidence of the amount of Obligations from time to time owing to it.

  • Funds and Accounts Section 7.1. Authorization to Create Funds and Accounts 21 Section 7.2. Investment of Funds 21 Section 7.3. Establishment of Funds 21 Section 7.4. Funding Loan Payment Fund 21 Section 7.5. Expense Fund 22 Section 7.6. Closing Costs Fund 23 Section 7.7. Project Fund 23 Section 7.8. Rebate Fund 25

  • Accounts Receivable and Accounts Payable (a) All Accounts Receivable reflected on the Financial Information, and to be in existence on the Closing Date, represent sales actually made or leases entered into in the ordinary course of business or valid claims as to which substantial performance has been rendered. Except as set forth in the Disclosure Schedule or to the extent reserved against, no material counterclaims or offsetting claims with respect to the Accounts Receivable are pending or, to the knowledge of the Seller, threatened. The listing of Accounts Receivable attached to the Disclosure Schedule is true and correct (including the aging thereon) as of the date of preparation and no material change has occurred since the date of preparation, except in the ordinary course of business. All such Accounts Receivable are collectible in the ordinary course of business except to the extent of reserves therefor as of the Closing Date. For purposes of determining collectability, cash received from account debtors without reference to specific invoice shall be applied to the oldest outstanding invoice to such account debtor, unless a bona fide dispute exists with respect to such invoice. (b) The accounts payable of each Company reflected on the Financial Information and to be in existence on the Closing Date arose, or will arise, from bona fide transactions in the ordinary course of business, and all such accounts payable either have been paid, are not yet due and payable under the applicable Company's payment policies and procedures or are being contested by the applicable Company in good faith. The listing of accounts payable attached to the Disclosure Schedule is true and correct as of the date of preparation and no material change has occurred since that date, except in the ordinary course of business.

  • Legal and Accounting Fees All charges for services and expenses of the Trust's legal counsel and independent accountants.

  • Books and Accounts (a) The General Partner shall cause the Partnership to keep and maintain at its principal executive office full and complete books and records which shall include each of the following: (1) a current list of the full name and last known business or residence address of each Partner set forth in alphabetical order together with the Capital Contribution and the share in Income and Losses of each Partner; (2) a copy of the Certificate of Limited Partnership and all certificates of amendment thereto, together with executed copies of any powers of attorney pursuant to which any certificate has been executed; (3) copies of the Partnership's federal, state and local income tax information returns and reports, if any, for the six most recent taxable years; (4) copies of the original of this Agreement and all amendments thereto; (5) financial statements of the Partnership for the six most recent fiscal years; and (6) the Partnership's books and records for at least the current and past three fiscal years. (b) Upon the request of the Limited Partner, the General Partner shall promptly deliver to the Limited Partner, at the expense of the Partnership, a copy of the information set forth in Section 14.1(a) above. The Limited Partner shall have the right upon reasonable request and during normal business hours to inspect and copy any of the foregoing, or any of the other books and records of the Partnership or the Project at its own expense.