Limitations on Employment and Retention of General Manager Sample Clauses
The 'Limitations on Employment and Retention of General Manager' clause sets specific conditions and restrictions regarding the hiring and continued employment of the General Manager within an organization. Typically, this clause outlines qualifications required for the role, approval processes for appointment or removal, and may set boundaries on the General Manager's authority or tenure. For example, it might require board approval before hiring or stipulate grounds for termination. Its core function is to ensure that the selection and retention of the General Manager are subject to oversight and control, thereby protecting the organization's interests and maintaining effective governance.
Limitations on Employment and Retention of General Manager. At any time an Event of Default, or an event which with the passage of time or the giving of notice, or both, would become an Event of Default, occurs and is continuing, the Borrower shall not, without the prior written approval of the RUS, enter into an employment relationship with any person to serve as General Manager unless such employment shall first have been approved by the RUS. If an Event of Default, or an event which with the passage of time or the giving of notice, or both, would become an Event of Default, occurs and is continuing and the RUS requests the Borrower to terminate the employment of its General Manager, the Borrower shall do so within thirty (30) days after the date of such request. All contracts in respect of the employment of the General Manager hereafter entered into shall contain provisions to permit compliance with this Section 6.3.