Foreign Exchange Balance. The JVC shall establish foreign exchange and Renminbi bank, accounts at banks to be chosen by the Board of Directors. The JVC shall, in accordance with the laws and requirements of PRC, apply for and maintain foreign exchange certificates. The JVC will obtain sufficient foreign exchange to meet its needs. All expenses incurred in currency conversion will be deemed as the JVC's operational expenses.
Appears in 5 contracts
Samples: Joint Venture Agreement (Integrated Carbonics Corp), Equity Joint Venture Agreement (Integrated Carbonics Corp), Equity Joint Venture Agreement (Integrated Carbonics Corp)
Foreign Exchange Balance. The JVC shall establish foreign exchange and Renminbi bank, bank accounts at banks to be chosen by the Board of Directors. The JVC shall, in accordance with the laws and requirements of PRC, apply for and maintain foreign exchange certificates. The JVC will obtain sufficient foreign exchange to meet its needs. All expenses incurred in currency conversion will be deemed as the JVC's operational expenses.
Appears in 4 contracts
Samples: Cooperative Joint Venture Agreement (Integrated Carbonics Corp), Joint Venture Agreement (Integrated Carbonics Corp), Cooperative Joint Venture Agreement (Integrated Carbonics Corp)
