Liquidation Committee. (a) The Company shall set up a liquidation committee to carry out the dissolution and liquidation of the Company. The liquidation committee shall comprise of at least one representative of each of the Parties and such other persons (including professional advisors) as permitted or required under applicable law. The liquidation committee may exercise the following functions and powers during the process of liquidation:
Liquidation Committee. The joint venture will establish a liquidation committee which shall consist of seven (7) members. The parties shall respectively appoint the members of the liquidation committee in proportion to the directors respectively appointed by them. The liquidation committee may evaluate and liquidate the assets of the joint venture as per the applicable Chinese laws and regulations, based on the value to continue the operation of the joint venture, with reference to the market value of the similar companies in the industry and in accordance with the evaluation principles generally recognized in the world. The liquidation committee may engage the competent experts to assist its work if it deems it necessary.
Liquidation Committee. (a) If the Company is to be liquidated in accordance with Section 12.4, the Parties shall establish a liquidation committee (“Liquidation Committee”) pursuant to PRC Laws. The costs and expenses of the Liquidation Committee shall be paid by the Company.
Liquidation Committee. If the Company is to be liquidated pursuant to this Agreement, a liquidation committee shall be established to formulate liquidation procedures (the “Liquidation Committee”). The Liquidation Committee shall consist of four (4) members, two (2) appointed by Iveco and two (2) appointed by Nikola. The Parties may appoint or hire accountants, legal or other advisors as members of, or to render advice to, the Liquidation Committee. The Parties shall jointly appoint a chairman and the vice-chairman of the Liquidation Committee. Any decisions made or actions taken by the Liquidation Committee may only be made or taken upon the unanimous vote of all of its members. The Liquidation Committee shall (i) assess and evaluate the assets and liabilities of the Company and may, for such purpose, appoint any relevant advisors as it sees fit including an independent accounting firm of internationally recognized standing, an independent investment bank of internationally recognized standing and an independent law firm of internationally recognized standing (collectively referred to herein as “Advisors”), (ii) determine the best manner of liquidating the assets and liabilities of the Company in accordance with the liquidation principles attached as Exhibit 15.1 (the “Liquidation Principles”) and consult in good faith with the Parties with respect thereto, and (iii) fulfill all other tasks assigned to it by the Board and under applicable Laws.
Liquidation Committee. (a) Upon the early termination of the Company, the Board shall formulate liquidation procedures and principles, publish an announcement of the liquidation in accordance with relevant regulations, provide written notice of the liquidation to creditors of the Company and establish a liquidation committee ("Liquidation Committee"). The Liquidation Committee shall be composed of five members. Party A shall have the right to appoint two members and Party B shall have the right to appoint three members of the Liquidation Committee. Within ten Business Days after the Board adopts a motion to dissolve the Company, each Party shall deliver a notice to the other Parties stating the names of the members that it has appointed to the Liquidation Committee pursuant to its right set forth in this Section 18.2(a) and shall attach to such notice documentation evidencing that each such member has consented to serve on the Liquidation Committee. If any Party ("Non-Appointing Party") fails to deliver such notice within such ten Business Day period, then such Party shall forfeit its right to appoint any members to serve on the Liquidation Committee and each Party that has delivered such a notice shall have a proportional right to appoint the remaining members to the Liquidation Committee such that the total number of members shall equal five. Each member shall have one vote. A quorum for convening a meeting of the Liquidation Committee shall be five members. If such quorum is not present within one hour after the time appointed for the commencement of the meeting, the meeting shall be adjourned to such place and time (which is at least ten days later or such earlier date as shall be agreed by all of the members of the Liquidation Committee) as the members who did attend shall decide. If a quorum is not present within one hour after the time appointed for such adjourned meeting, any number of members of the Liquidation Committee shall constitute a quorum. All decisions of the Liquidation Committee shall be adopted by simple majority vote. The Company shall deliver to each member of the Liquidation Committee written notice of each meeting of the Liquidation Committee at least ten Business Days prior to the date of such meeting or such shorter period as agreed by all of the members of the Liquidation Committee. Equity Joint Venture Contract Translation reference
Liquidation Committee. (а) In case of termination of activities of the Company and making decision on termination of the Company, the General Meeting of Shareholders or other body, determined by the legislation, appoints a liquidation committee or the liquidator (the "Liquidation Committee").
Liquidation Committee. Within fifteen (15) days of the approval of the dissolution of the Company by the Approval
Liquidation Committee. (a) If the JV Company is liquidated according to Article 13.2, the Board of Directors shall organize a liquidation committee (“Liquidation Committee”) composed of five (5) members, among which, five (5) members will be appointed by AOS, and two (2) by the Fund Party. The chairman of Board of Directors shall be one member and the chairman of the liquidation committee. The costs and expenses of the liquidation committee shall be paid by the JV Company.
Liquidation Committee. Members of the liquidation committee shall in general be appointed pursuant to the terms of the approval of the approval authorities, or from directors and, where necessary, from such professional advisers or consultants as the Board may decide, provided that the number of such professional advisers does not exceed one-third (1/3) of the number of the members on the liquidation committee.
Liquidation Committee. In the event of a dissolution and liquidation event, the Board shall establish a liquidation committee (the “Liquidation Committee”) within fifteen (15) days from the occurrence of such dissolution and liquidation event. The Liquidation Committee shall in principle consist of all of the existing directors of the Company at the time, unless otherwise required by applicable Law and the court of competent. The chairman of the Board shall serve as the chairman of the Liquidation Committee. The Liquidation Committee shall conduct a thorough survey of the property, claims and debts of the Company, to draw up a balance sheet and inventory of assets, to propose a basis for the valuation of the Company and to perform such other duties and responsibilities as set forth in the relevant provisions of the Company Law.
