Pawling Sample Clauses

Pawling. Progressive does not own, directly or indirectly, 5% or more of the outstanding capital stock or other voting securities of any corporation, bank or other organization except Pawling. The outstanding shares of capital stock of Pawling have been duly authorized and are validly issued, and are fully paid and nonassessable and all such shares are directly owned by Progressive free and clear of all liens, claims and encumbrances, subject to the liquidation account established and maintained by Pawling in connection with its conversion from mutual to stock form (the "Liquidation Account"). No Rights are authorized, issued or outstanding with respect to the capital stock of Pawling and there are no agreements, understandings or commitments relating to the right of Progressive to vote or to dispose of said shares. None of the shares of capital stock of Pawling has been issued in violation of the preemptive rights of any person. The Liquidation Account has been established and maintained in accordance with all applicable laws and regulations.
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