Limits on Board Rights Clause Samples
The "Limits on Board Rights" clause defines specific restrictions or boundaries on the powers and authorities granted to a company's board of directors. In practice, this clause may prevent the board from making certain major decisions—such as issuing new shares, approving mergers, or amending key company policies—without obtaining shareholder approval or meeting other specified conditions. By setting these limits, the clause ensures that the board cannot unilaterally take actions that could significantly impact the company or its stakeholders, thereby protecting the interests of shareholders and maintaining a balance of power within the organization.
Limits on Board Rights. The exercise of the foregoing powers, rights, authorities, duties and responsibilities by the Board, the adoption of policies, rules, regulations and practices in furtherance thereof, and the use of judgment and discretion in connection therewith shall be limited only by the terms of this Agreement.
Limits on Board Rights. The exercise of the foregoing powers, rights, authorities, duties and responsibilities by the Board, the adoption of policies, rules, regulations and practices in furtherance thereof, and the use of judgement and discretion in connection therewith shall be limited only the specific and express terms of this Agreement and then only to the extend such specific and express terms are in conformance with the Constitution and laws of the United States and the State of Michigan.